- Be.EV secures £55 million investment from NatWest and KfW IPEX-Bank for expanding its EV charging network.
- Funding aims to establish over 1,000 rapid and ultra-rapid charge points across the UK by 2024.
- Investment underscores confidence in Be.EV’s mission and supports UK’s green economy and net-zero goals.
NatWest and KfW IPEX-Bank pump £55 million into Be.EV’s charging network expansion
Be.EV has secured a substantial £55 million investment from NatWest and Germany’s KfW IPEX-Bank. This funding will propel Be.EV’s plan to expand its network to over 1,000 rapid and ultra-rapid charge points by the end of 2024.
Asif Ghafoor, CEO of Be.EV, stated:
“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.
It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”
This deal was completed very quickly, which wouldn’t have been possible without the hard work of our partners and advisors, who I am grateful to for their endless support in getting this landmark deal over the line.”
Currently, the UK has only 5,336 locations offering rapid and ultra-rapid charging, catering to over one million EVs. Be.EV plans to address this gap by strategically placing new chargers in underserved areas. This move aims to ensure more communities have access to essential EV charging infrastructure.
In Manchester and the North West, where Be.EV has already installed over 600 charge points, the new funding will bolster support for the region’s one million registered plug-in vehicles.
Bruce Riley, Managing Director and Head of Energy Transition at NatWest, commented:
“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.”
Be.EV’s expansion is set to make EV charging more accessible and reliable across the UK. Funding is key, and the £55 million investment is strengthening and extending charging for everyone. In turn, a bolstered charging network instils confidence in potential EV adopters. With charging investment, comes more EVs on the roads.
