£55m new funding raised by EV charging network Be.EV
Summary
Manchester-based electric vehicle charging network Be.EV has announced a debt raise of \xa355m from NatWest and the German KfW IPEX-Bank.The landmark deal cements Be.EVs status as an industry leader and also serves as a strong vote of confidence from the banking industry that the relatively new public charging industry is a sound investment, as well as demonstrating the commitment of NatWest and KfW IPEX-Bank to net zero.It is a further victory for the UK green economy that Be.EV has secured the support of KfW IPEX-Bank, which has the mission to strengthen the German and European economy. This gives strong endorsement of the UK from abroad, serving as another proof point of the net zero transition as an economic opportunity.The latest funding announcement comes as Octopus Energy Generation continues its commitment to Be.EV, with further funding allocated as part of the \xa3110 million cash injection announced in 2022. 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.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 more widely to local communities across the country.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 Governments Zero-emission-vehicles by 2035 mandate.It proves that investors, both domestic and international, are confident in the UKs transition to EVs and its importance in transitioning to a net zero economy.Bruce Riley, MD and head of energy transition at NatWest, added: We are determined to play an active role in the UKs transition to a low carbon economy and accelerating the take up of electric vehicles is a crucial part of the transition. 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.