Manchester Electric vehicle charging network Be.EV has announced a £55 million debt raise from NatWest and the German KfW IPEX-Bank.
Be.EV is the UK’s fastest growing EV charging network. It was established in Greater Manchester in 2019 and now operating across the UK.
The organisation currently manages a growing network of over 700 live charge points with an additional 300+ charge points being built to go-live across the UK by the end of 2024.
This significant investment underscores Be.EV’s position as a leading charge point operator and reflects strong banking sector confidence in the emerging public charging industry.
There are currently only 5,336 locations in the UK that offer rapid and ultra-rapid charging, which currently serve over one million EVs. Most of these are located within the M25, and Be.EV is on a mission to make EV charging accessible to local communities across the country.
Be.EV’s charging network is on track to operate more than 1,000 publicly accessible rapid and ultra-rapid charge points nationwide by the end of 2024.
The expansion will serve communities across the UK who don’t have access to rapid and ultra-rapid charging. The majority of chargers the new money will support will be ultra-rapid – technology that can charge a typical EV to 80 per cent in 20 minutes.
The funds will also help Be.EV cement its foothold in Manchester and the North West, where it has already installed more than 600 charge points for the region’s one million registered plug-in vehicles.
The chargers will be powered by renewable energy from Octopus Energy, the UK’s largest electricity supplier, ensuring the move to a totally green transport system is achieved. They will be accessible to the public, with discounted rates for Be.EV’s 35,000 members.
Asif Ghafoor, CEO of Be.EV, said:
“The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles.”
According to Andreas Ufer, Member of the Management Board of KfW IPEX-Bank:
“We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK.
It is our mission to support the mobility transition with our financings in Europe and worldwide and drive the change towards decarbonisation in our societies.”
