Electric vehicle (EV) charging infrastructure provider and network operator EZO has reached financial close on a €150 million investment-grade, non-recourse, senior debt facility.
The funding will finance the design, installation, operation and maintenance of more than 3,000 charge points. It represents over 100,000 kWs of capacity, across the UK and Ireland, under mostly long-term public sector “PPP-like” concessions, with a risk allocation between the public and private sector that will advance EV infrastructure delivery.
The charge points are estimated to generate in excess of £1 billion in electricity sales over the next 20 years, a portion of which will be shared with the public sector while, at the end of the concession, the chargers will revert back to the public sector, it said.
Headquartered in Ireland, EZO has expanded into the mainland UK, which by 2027 will become its primary EV charging market.
EZO is majority owned by Rubicon Capital Management, together with its affiliated entities including Rubicon Capital Advisors, an Irish regulated investment banking firm.
Rubicon also acted as sole financial advisor to EZO in both the equity and debt capital raises and has been retained by the company to explore other capital raising options, including a possible IPO in 2028, it added.
EZO CEO, Ollie Chatten said:
“EZO’s clear ambition is to make reliable public EV charging more accessible for drivers and communities and we have now demonstrated we can successfully compete for some of the largest and most significant EV infrastructure opportunities in the United Kingdom, while continuing to grow our network and partnerships at home in Ireland.
“Our focus is on working with strong public and private sector partners to build charging networks at scale across Ireland and the UK. The backing of our investment partners gives us the financial strength to deliver on those commitments, continue investing in our people and technology, and pursue the next generation of opportunities in the EV infrastructure market.”
Rubicon CEO, Conor Kelly said:
“This funding represents a significant vote of confidence in EZO, its team and the longterm infrastructure partnerships EZO has secured. We understand this to be the first example of the application of this framework of financing in the EV charging sector and it is expected to become the preferred method of financing this collateral going forward.
“We are delighted to have executed upon these transactions for the company which build on Rubicon’s long-term support for EZO and its growth in the sustainable transport infrastructure market.”
Image: (l-r) EZO CEO Ollie Chatten, CRO David Fitzgerald and CFO Mark Fitzmaurice
