Weev, a Belfast-based startup dedicated to improving the charging infrastructure in Northern Ireland, has recently received a significant funding boost. Octopus Investments, a part of the Octopus Energy Group, has committed to investing up to £50 million in Weev, aiming to address the shortage of charging facilities in Northern Ireland.
Octopus emphasized the inadequate provision of charging infrastructure for electric vehicle (EV) drivers in Northern Ireland, stating that they were “disproportionately underserved.” According to the British Department for Transport, there are only 20 public charge points available per 100,000 people in the region, which is significantly lower than the UK average of 60.
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These findings were the driving force behind Weev’s establishment in April 2022. At that time, the startup announced its plans to invest £20 million in a new publicly accessible charging network. The network would consist of 1,500 charge points located across 350 different locations throughout Northern Ireland, all operated privately.
Philip Rainey, the CEO of Weev, expressed his enthusiasm regarding the investment from Octopus. He explained that this financial support would allow for a major expansion in the size and scope of their initial rollout plan. Rainey added, “We can now prioritize the development of more rapid and ultra-rapid charging hubs to meet the growing demand from EV drivers. Overall, this capital injection will enable us to install and maintain a network of thousands of EV charging points over the next five years, employing local teams and utilizing local expertise.”
Although Weev had initially planned to introduce six fast charging hubs, the company has not yet disclosed its revised targets with the new infusion of capital.
The funding provided by Octopus represents the first investment for the Octopus Sustainable Infrastructure Fund (OSIF). This fund, supported by the UK Infrastructure Bank, aims to offer growth capital to infrastructure companies that possess proven technology and transformative potential critical for achieving the UK’s net-zero ambitions.
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Lukasz Michalak, the Investment Director of Sustainable Infrastructure at Octopus, described Weev as an ideal example of a company that aligns with their objectives. He emphasized the opportunity to make a positive impact on communities in Northern Ireland while meeting the financial goals of the fund.
The investment from Octopus is expected to propel Weev forward in its mission to establish a robust and widespread charging infrastructure in Northern Ireland, ultimately benefiting EV drivers and contributing to the region’s transition towards sustainable transportation.
