British electric vehicle infrastructure provider EO Charging said it has raised £25 million in a shareholder-led recapitalisation and expanded its debt facility with HSBC, as the company completes its planned exit from the US market to concentrate on commercial fleet charging in the UK and Europe.
The financing follows a strategic restructuring that included the sale of EO’s domestic charger hardware and manufacturing business to Cogent Technologies, part of the Heathpatch Group.
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EO said it will now focus on “software, services and infrastructure-as-a-service (IaaS) for commercial fleets and heavy goods vehicles,” providing scalable charging solutions for trucks and buses across Europe.
“This investment underscores our shareholders’ confidence in EO’s evolved strategy and long-term vision,” said Chief Executive Richard Staveley. “By sharpening our focus on the UK and European markets, and exiting hardware manufacturing through the sale of our manufacturing business to Cogent Technologies, we are ensuring EO remains agile, capital-efficient, and relentlessly committed to improving fleet performance and delivering customer value.”
Founded in 2014, EO Charging describes itself as a pioneer in electric vehicle charging and software solutions for fleet operators. The company’s clients include Amazon, Uber, and DHL, as well as the London Electric Vehicle Company and Tesco. EO had previously expanded into the US market in 2022 following a funding round the previous year but has since decided to withdraw to concentrate on core markets.
