Iduna, the company behind Be.EV, Greater Manchester’s largest public charging network for electric vehicles (EVs), has appointed EY to attract investment to fuel its plans for an accelerated expansion of electric car charging infrastructure across the North of England.
The business focuses on working with the communities it serves and operates in, which includes using community-based fundraising. Last year, the business raised £4 million from retail investors through ethical investment platform Abundance to fund an initial tranche of 50 chargers to be installed in the first half of 2022.
A second round, also through Abundance, is underway to raise £6.5 million for another 65 chargers. It currently stands at £2.2 million raised from over 1,300 individual investors.
The EY engagement seeks to ramp up funding significantly, aiming for a commitment of £100 million. This is to support Iduna’s business plan and pipeline beyond the initial phases and deliver currently secured sites and an accelerated network expansion in 2022.
The aim is to build a dense, unified network of destination chargers and on-the-go hubs, making it easy for motorists to switch to electric.
Asif Ghafoor, Iduna CEO, said: “The speed of our roll-out and the development of a more accessible network is driving the need to seek further investment. To scale the electric vehicle charging infrastructure in the region at the pace required, we are thinking and investing bigger.
“Our pipeline is growing fast and the EY team will help us bring in the investment we need to deliver it. We’re delighted to have such an experienced team on board.”
Iduna/Be.EV work with regional businesses, community partners and public sector parties such as the NHS, universities and local authorities to rapidly expand public electric vehicle charging access in the North.
Louise Shaw, EY Partner, Energy Infrastructure and Corporate Finance, said: “Given the need for rapid deployment of public EV charging in order to meet the UK’s net zero targets, we are pleased to be supporting Iduna in this fundraising process and are excited to be a part of their journey in delivering much needed charging infrastructure in the North and the wider UK.
“Iduna and Be.EV have a unique approach to operating and building out an accessible charging network, working with communities to develop long range EV strategies. This makes them stand out in the market.
“This engagement builds upon EY’s experience in the e-mobility and wider energy transition sectors and is a great example of EY’s commitment to supporting clients in the sustainability agenda.”