Electric vehicle (EV) charging network Be.EV has secured a landmark debt raise from NatWest and Germany’s KfW IPEX-Bank.
The £55 million funding injection will be used to expand Be.EV’s charging network, which is set to hit 1,000 publicly accessible rapid and ultra-rapid chargepoints across the UK by the end of the year. The majority of new chargers will be ultra-rapid chargers that can bring a typical EV to 80% in 20 minutes.
Be.EV’s charger network is available to all but Be.EV members can charge their EVs at a discounted rate. Be.EV’s charger network is supplied by electricity from Octopus Energy, which has made major investments in the company since 2022.
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.
“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate.
“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.”
Bruce Riley, managing director and head of energy transition at NatWest said: “We are determined to play an active role in the UK’s transition to a low carbon economy and accelerating the take up of electric vehicles is a crucial part of the transition. We are delighted to have supported Be.EV with this financing which will drive the growth of its UK public charging network.”
Andreas Ufer, member of the management board of KfW IPEX-Bank, said: “We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK. Our mission is to support the mobility transition with our financings in Europe and worldwide and drive the change towards decarbonisation in our societies.”
Charging onwards
With the Society of Motor Manufacturers and Traders (SMMT) finding that the UK automotive sector has the ability to fuel £50 billion of green growth in the next decade as Europe’s second-largest electric car market, the need for more EV chargepoints has both a strong business and environmental case.
Several notable chargepoint operators have landed major financing to boost the rollout of on-street EV charging. Last week, Char.gy secured a £100 million investment from Zouk Capital to grow its chargepoint numbers by around 97,000 by 2030, while FOR EV recently clinched £10 million of funding from the Scottish National Investment Bank, the third funding injection it has received from this source.
Many businesses are keen to decarbonise their fleets and install on-site EV chargepoints, with St Austell Brewery partnering with ScottishPower to install 300 EV chargers across its network of pubs. Research from chargepoint operator Believ recently emerged showing that 57% of UK businesses plan to double their EV charging capacity by 2028.
However, that same survey revealed deep frustrations with the sluggish pace of change: 70% of respondents noted their efforts had been delayed by the complexity of working with electricity companies to upgrade the local power supply, with a further 70% finding navigating varied planning laws across the UK complex and confusing.
