Friday, July 12, 2024

Be.EV Secures £55 Million Funding to Expand UK Charging Network

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British charging network Be.EV has secured £55 million in funding from NatWest and the German KfW IPEX-Bank, aimed at accelerating its expansion of fast-chargers across the UK to over 1,000 by year-end.

The funding, according to Be.EV, “sets the stage for future investment for the wider EV charging industry,” although specific details were not disclosed. Currently focused in Manchester and the North West, Be.EV has already installed more than 600 charge points and aims to enhance support for the region’s one million registered plug-in vehicles with the new capital.

See also: Trafford Council Partners with Be.EV to Expand EV Charging Infrastructure in Greater Manchester

“This sizeable commitment from NatWest and KfW, alongside ongoing support from Octopus Energy Generation, paves the way for future investments in the industry,” stated Be.EV CEO Asif Ghafoor. “It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”

Be.EV, now part of the Plugsurfing network, recently inaugurated its first charging hub in Stockport, Greater Manchester earlier this year, with plans for a second site underway. Octopus Energy Generation, having invested £110 million in the charge point operator last year, continues to bolster Be.EV’s strategic initiatives.

See also: Bury Council teams up with Be.EV to double EV charging points and invest in electric fleet

The funding underscores Be.EV’s commitment to supporting the UK government’s Zero-emission-vehicles mandate by 2035, reinforcing its pivotal role in expanding the country’s EV infrastructure.

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