- Electric vehicle fleet charging specialists EO Charging have completed a shareholder-led £25 million recapitalisation, as it looks to accelerate growth and support the growing number of businesses fleets switching to electric vehicles.
- The recapitalisation comes as EO Charging pivots to focus on its core strengths, including software and ‘infrastructure-as-a-service’ for EV fleets and electric heavy duty vehicles.
- This investment will allow the firm to continue rolling out scalable fleet charging solutions across the UK and mainland Europe.
EO Charging prepares for its next stage of growth
EO Charging has already been supporting a number of key fleets in the transition to electrification, recently including a new comprehensive charging solution for London’s growing zero-emission bus fleet, but this recapitalisation will provide a strong foundation for EO Charging’s next stage of growth as it prepares to serve an ever-growing number of electrified fleet operators.
The £25 million funding, which combines fresh investment from existing shareholders Zouk Capital and Vortex Energy, along with an increased debt facility from HSBC, follows significant restructuring recently undertaken by EO Charging. This included its exit from the US market, along with the sale of its domestic EV charging hardware business arm.
Following this new funding and its recent restructuring, EO Charging will now be able to focus on its core strengths, with increased investment in the development of EV depots and services. The new trend for shared depot charging, allowing smaller businesses to make use of existing infrastructure without their own investment, whilst bringing in additional revenue for the depot owner, presents another opportunity for EO Charging.
Richard Staveley, CEO at EO Charging, commented:
“This investment underscores our shareholders’ confidence in EO’s evolved strategy and long-term vision. We are doubling down on what we do best: delivering reliable, commercial-grade charging infrastructure and intelligent software that helps fleets electrify and perform at scale. By concentrating our efforts on the UK and European markets, and exiting hardware manufacturing through the sale of our manufacturing business to Cogent Technologies, we are ensuring EO remains agile, capital-efficient, and relentlessly committed to improving fleet performance and delivering customer value.”
Massimo Resta, Partner and Head of Infrastructure at Zouk Capital, added:
“EO’s refocused strategy aligns perfectly with where the fleet electrification market is heading, towards scalable, software-enabled infrastructure solutions. We’re proud to continue supporting EO as it sharpens its focus on its core markets and technologies, building on its strong foundation and customer relationships.”
Bakr Abdel-Wahab, Chief Investment Officer at Vortex Energy, said:
“We believe the transition to electric mobility and smart infrastructure is no longer niche; it’s becoming foundational to fleet and bus operations across the UK and Europe. Our renewed investment in EO Charging reflects this conviction: by supporting a partner with a clear software- and service-first model. EO is well positioned for their next phase of growth and further strategic moves.”
