Chargepoint operator (CPO) Believ has agreed a £300 million investment facility to roll out 30,000 new public chargepoints across the UK.
The funding is led by Believ’s joint owners Liberty Global and Zouk Capital, alongside banking majors Santander, ABN Amro, NatWest and MUFG. Following this capital injection, Believ will partner with both public and private sector organisations to deliver new chargers across the country.
Much of the investment will be targeted towards on-street residential locations to help those who do not have access to a driveway access charging, with funding also being allocated to supporting the development of rapid and ultra-rapid charging hubs, and rural or underserved locations.
The UK government has set a target of having 300,000 operational public EV chargepoints installed across the nation by 2030. While the rollout is proving extremely successful, with the country inching closer to the 80,000 chargepoint milestone, the UK’s public spending watchdog the National Audit Office has cautioned that more needs to be done to ensure that rural areas, and even cities outside the capital, have equal access to charging infrastructure as those in more urban areas. In March, a report by the Public Accounts Committee (PAC) revealed that of the nation’s over 79,000 public EV chargepoints, 43% are located in London or the South East of England.
Guy Bartlett, Believ CEO, stated that this finance boost is proof of the growing awareness of the importance of EV infrastructure among the finance industry, adding that the sector recognises the scale of investment required and the urgency of the need. He said: “Confidence in EVs will continue to grow as drivers see more infrastructure going into the ground. At Believ, we are very proud to be at the heart of this journey.”
Massimo Resta, partner at Zouk Capital, described the EV market as being at “an inflection point”, adding “EV penetration is expected to accelerate driven by the arrival of new mass-market vehicles at attractive price points. The EV charging rollout required to support the transition needs long-term private investment with strong partners.”
The news follows an announcement from Believ that it will deliver 6,000 new public EV chargers across Suffolk in partnership with Suffolk County Council, funded by £5.3 million of funding from the government’s Local Electric Vehicle Infrastructure (LEVI) as well as a £16 million finance injection from Believ.
