EO Charging, a leading provider of electric vehicle (EV) charging solutions for fleets, has announced it has secured approximately $80 million in equity investment from leading energy transition investment firm Vortex Energy and Zouk Capital. This will be used to accelerate its growth plans and global expansion strategy.
The two investors are coming together in a partnership that will support EO’s path towards global leadership in EV fleet charging as zero-emission transportation adoption accelerates.
IMPROVED Corporate Finance, who were a panel sponsor at the hugely successful 2022 EV SUMMIT, acted as the exclusive financial advisor to Vortex Energy. Using its deep understanding of market dynamics, business models and valuations in the emobility and EV charging domains, the IMPROVED team supported Vortex Energy on key transaction, valuation, industry and business plan considerations in the fund’s first investment in the EV charging sector.
Founded in 2014 by entrepreneur Charlie Jardine, EO is focused on smart charging solutions for electric car, van, truck and bus fleets. Its unique end-to-end solutions offer customers everything they need to transition to electric at scale and pace, no matter their fleet size. This is from smart fleet consultations, AC and DC hardware and cloud-based management software to depot installations, grid connections, and 24/7/365 operations and maintenance service.
Charlie Jardine, EO Charging founder and CEO, said: “We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital.
“The combined knowledge, international experienc, and funding capacity will accelerate our growth, expand geographic reach and drive innovation to deliver an ever-advancing suite of solutions to our customers in the UK, Europe and North America.”
Karim Moussa, Vortex Energy CEO, said: “EV charging is a fascinating transformational industry. Major investments in charging infrastructure are needed to pave the way for a carbon-neutral world.
“Vortex is extremely happy to have partnered with EO as one of the leading providers of charging solutions in Europe. We are highly committed to supporting EO’s growth path alongside Zouk Capital, a reputable partner with a stellar track record.”
Daniel Lyons, IMPROVED managing director, said: “With the switch to EVs amongst fleets set to accelerate, EO Charging, with its track record in providing sophisticated fleet charging solutions, is well-placed to continue enabling the electric transition at scale.
“It was a privilege to support the knowledgeable and forward-thinking team at Vortex Energy during this process. We congratulate Vortex Energy, Zouk and EO Charging on this significant fundraising round.
“For IMPROVED, this is the latest in a long line of transactions we have advised on across the EV charging value chain. Please contact our specialist team to discuss how we can best support you in achieving your strategic ambitions.”
The Deal Team from IMPROVED included Dominique Houde, Kevin Lechner, Jai Malhotra and Daniel Lyons.