Octopus Energy Generation is investing up to £110m (€115.8m) in UK electric vehicle (EV) charging infrastructure company Be EV to help install new charge points across the country.
The deal, which is being made on behalf of Octopus Energy’s Sky fund, will help Be EV progress with its plan of adding a further 1,000 charge points across the North of England and beyond by 2024.
Manchester-based public EV charging network firm Be EV currently has 150 public charge points.
Matt Setchell, co-head of Octopus Energy Generation’s fund management team, said: “Our first foray into funding EV charging infrastructure is a significant milestone. We’re accelerating the green energy transition, with more deals coming up to turbocharge it.
”As a nation, we need to rapidly build more EV charge points to meet the growing number of drivers going electric. Easy and fair access to chargers will help phase out petrol-guzzling cars once and for all.”
Asif Ghafoor, CEO and co-founder of Be EV, said: “The backing from Octopus is transformational for us. We have sites lined up and underway that will form dense clusters of chargers that give people the confidence to go electric. We’re also building infrastructure that communities can be proud of, reinventing charging locations as green neighbourhood hubs and developing iconic designs.
”Octopus’ support means we can take this unique approach to other parts of the country, addressing the imbalance in charging provision across north and south, urban and rural communities.”
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