Be.EV secures £55m from NatWest and IPEX-Bank
Electric vehicle charging network Be.EV has announced a debt raise of £55 million from NatWest and the German KfW IPEX-Bank.
The landmark deal is a “strong vote of confidence from the banking industry” that the relatively new public charging industry is a sound investment, the company said.
It follows Octopus Energy Generation continuing its commitment to Be.EV, with further funding allocated as part of the £110 million cash injection announced in 2022.
The funds will be used to drive the expansion of Be.EV’s charging network, which is on track to operate more than 1,000 publicly accessible rapid and ultra-rapid charge points nationwide by the end of 2024.
The funds will also help Be.EV to cement its foothold in Manchester and the North West, where they’ve already installed more than 600 charge points for the 1 million registered plug-in vehicles in the region.
There are currently only 5,336 locations in the UK that offer rapid and ultra-rapid charging, which currently serve over one million EVs. Most of these are located within the M25.
Asif Ghafoor, CEO of Be.EV, said:
“The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles.
“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate.
Bruce Riley, Managing Director and Head of Energy Transition at NatWest, said:
“We are determined to play an active role in the UK’s transition to a low carbon economy and accelerating the take up of electric vehicles is a crucial part of the transition. We are delighted to have supported Be.EV with this financing which will drive the growth of its UK public charging network.”
Andreas Ufer, Member of the Management Board of KfW IPEX-Bank said:
“We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK. It is our mission to support the mobility transition with our financings in Europe and worldwide and drive the change towards decarbonisation in our societies.”
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