Manchester's Be.EV raises £55M to expand rapid EV charging across local communities
Summary
Manchester Electric vehicle charging network Be.EV has announced a \xa355 million debt raise from NatWest and the German KfW IPEX-Bank.Be.EV is the UKs fastest growing EV charging network, established in Greater Manchester in 2019 and now operating across the UK. They currently manage a growing network of over 700 live charge points with an additional 300+ charge points being built to go-live across the UK by the end of 2024.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, and Be.EV is on a mission to make EV charging accessible to local communities across the country.Be.EVs charging network is on track to operate more than 1,000 publicly accessible rapid and ultra-rapid charge points nationwide by the end of 2024.The expansion will serve communities across the UK who dont have access to rapid and ultra-rapid charging. The majority of chargers the new money will support will be ultra-rapid - technology that can charge a typical EV to 80 per cent in 20 minutes.The funds will also help Be.EV cement its foothold in Manchester and the North West, where it has already installed more than 600 charge points for the regions one million registered plug-in vehicles.The chargers will be powered by renewable energy from Octopus Energy, the UKs largest electricity supplier, ensuring the move to a totally green transport system is achieved.According to Andreas Ufer, Member of the Management Board of KfW IPEX-Bank: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.