Electric vehicle (EV) charge point operator (CPO) Believ has secured £300m to install more than 30,000 charge points.
The funding is led by Believ’s joint owners Liberty Global and Zouk Capital, alongside four retail and infrastructure financing banks – Santander, ABN Amro, NatWest and MUFG.
Believ said that the “£300m investment facility cements Believ’s industry-leading position as a commercially sustainable business”, and “reinforces Believ’s reputation as a dependable and durable long-term partner, giving further confidence to its existing and future local authority and business partners”.
The CPO will partner with both public and private sector organisations to “deliver the right charging solutions in the right locations” and “demonstrating how private sector investment can be used in partnership with local government and businesses to bolster public transport infrastructure”.
Zouk Capital manages the UK Government-anchored Charging Infrastructure Investment Fund (CIIF) and has seven EV investments to date.
The government has pledged £2.3bn to charging, and through the Local Electric Vehicle Infrastructure (LEVI) Fund, £381m for local authorities in England. Combined with private sector financing, such as Believ’s funding, the UK’s public charging network will continue to see record growth.
Guy Bartlett, Believ CEO, said:
“It recognises the scale of investment required and the urgency of the need,” he says. “Confidence in EVs will continue to grow as drivers see more infrastructure going into the ground. At Believ, we are very proud to be at the heart of this journey.”
Jonathan Pearson, Chairman, Believ and CFO, Liberty Growth at Liberty Global, said:
“The funding announced today demonstrates the potential of partnering with the public sector in the UK to create the critical EV charging infrastructure required for a greener future. With Virgin Media O2 on board as a delivery partner and leveraging Liberty Global’s financing expertise, we look forward to Believ rolling out much-needed EV charge points throughout the UK.”
Massimo Resta, Partner at Zouk Capital, said:
“This landmark investment is a major moment – not just for Believ, but for the UK’s electric future. The EV market is at an inflection point. EV penetration is expected to accelerate driven by the arrival of new mass-market vehicles at attractive price points.
“The EV charging rollout required to support the transition needs long-term private investment with strong partners. With this level of funding, Believ has the commercial strength, operational expertise, and local insight to deliver what communities and landowners need – on-street, town-centre, destination, and on-route charging – at real scale and pace. We are very excited about the opportunity in front of us and are proud to support Believ as it helps build the infrastructure backbone of a net zero Britain.”
Lilian Greenwood MP, Minister for the Future of Roads at the Department of Transport, said:
“We’re working hard to ensure all drivers can charge easily and conveniently – no matter where they are. Believ’s investment is a brilliant vote of confidence in the transition to electric and another fantastic example of Government and industry working together to roll out tens of thousands of chargepoints across the country.
“We’re delivering our Plan for Change by investing over £2.3bn to help industry and consumers make a supported switch to EVs, alongside securing international trade deals and backing British carmakers to drive investment, protect jobs and put money in the pockets of working people.”
Image courtesy of Believ
