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Char.gy secures £6.4m as CIIF makes third investment

Image: char.gy

Image: char.gy

The third tranche of investment made by the Charging Infrastructure Investment Fund (CIIF) has been awarded to char.gy.

The electric vehicle (EV) charging company focuses on on-street charging, with its technology utilising existing street infrastructure and an existing grid connection to provide lamppost chargers and satellite bollard chargers. It also offers a standalone bollard, and is currently aiming to rollout its technology to “all corners” of the UK as well as tackling new market abroad.

“We are delighted Zouk Capital and CIIF will be supporting char.gy on this journey and we look forward to working with them to rapidly scale the business to improve access to EV charge points to every household without a driveway,” Richard Stobart, CEO and founder of char.gy, said.

This is the third investment made by the CIIF, a government-backed fund managed by Zouk Capital. The first was made into Instavolt, while the second investment went to fund a joint venture between Zouk and Virgin Media owner Liberty Global looking to rollout on-street residential chargers using Virgin Media’s infrastructure.

The fund was first announced in 2018, with the intention of raising £200 million from the private sector, which would then be matched by government funding. The fund has now exceeded its original target of £400 million, Zouk said, with a final close expected later this year

In January, it was announced it had completed its third close, reaching a total of £380 million. This followed on from UAE renewables investment group Masdar investing £35 million, which was then matched by the government. In April 2020, a further £40 million was raised, which was anchored by the Church Commissioners for England and then matched by HM Treasury.

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