UK-based commercial fleet electrification firm VEV has secured fresh investment led by Jolt Capital, helping fund its next phase of growth as it expands across mainland Europe as an independent business. The deal sees Jolt Capital, along with state-owned Finnish investment company Tesi, acquire Vitol’s current stake in VEV.
New investment for VEV, as it expands into France, Germany, the Netherlands, and more
The investment comes from Jolt Capital V fund, which is currently targeting €1 billion to finance the growth of around 20 European technology firms, with Finland’s Tesi joining as co-investor alongside it. The fresh capital will assist as the company expands into new markets, including France, Germany and the Netherlands, giving more EV operators access its VEV IQ charging management platform, which has already been rolled out across 600 sites.
The move away from Vitol which founded VEV back in 2023, towards independent ownership, comes as the firm reaches a significant milestone of 6,000 commercial EVs served across Europe – the vast majority so far (around 5,000) being in the UK.
Clara Audry, General Partner at Jolt Capital, commented:
“Technology has transformed how consumers manage energy – commercial transport is now at a similar inflection point. As fleets electrify, the challenge lies in intelligently managing the flow of energy across vehicles, depots and power networks. Success will belong to companies that combine software, energy expertise and operational execution at scale.
VEV is one of the few European platforms bringing those capabilities together, already powering more than 20% of the UK heavy-fleet energy market. We are excited to support the company in its next stage of growth and in building a category-leading platform for electric mobility.”
Mike Nakrani, CEO of VEV, added:
“For fleet operators, the challenge is no longer simply choosing electric vehicles. It’s about integrating infrastructure, energy and operations in a way that is reliable, cost-effective and scalable. We see EVs as a critical part of the future energy system, where vehicles, charging infrastructure, onsite generation and battery storage work together to strengthen resilience, reduce costs and unlock greater value from electrification.
The business has expanded rapidly as the sector moves from early adoption to large-scale deployment. We see significant opportunities ahead through targeted acquisitions and continued product innovation, drawing on our expertise across both transport and energy to help customers electrify fleets at scale.
Vitol’s support enabled us to establish the business in a market that has evolved at pace. Now, as an independent company backed by Jolt Capital and Tesi, we are well-positioned to accelerate our expansion, broaden our capabilities and support customers across Europe.”
