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Iduna to crowdfund installation of 50 Greater Manchester EV chargers

The new chargers are to be located across Greater Manchester. Image: Zuzanna Neziri/Flickr.

The new chargers are to be located across Greater Manchester. Image: Zuzanna Neziri/Flickr.

Electric vehicle (EV) charging firm Iduna is looking to raise £4 million through ethical crowdfunding platform Abundance.

This is to be raised through an offer of 5-year secured debentures, which pay 9% interest per year over the life of the investment, with the funding to go towards the installation of 50 new fast or rapid EV chargers in Greater Manchester.

These chargers - which are to run on 100% renewable electricity provided by Octopus Energy - will be installed at high-traffic locations across Greater Manchester, selected in partnership with Transport for Greater Manchester (TfGM).

It marks the first phase of Iduna's programme to build 160+ chargepoints in the city by the end of 2022.

The company has acquired Amey Map Services, which already delivers and manages public funded chargers on behalf of TfGM, with these operated under the brand Be.EV.

The new chargers funded by the investment will also be operated under the Be.EV brand, which Iduna is aiming to develop into a unified and market-leading network across Greater Manchester.

The investment offer will be backed by revenues from electricity sales, and advertising at the sites.

Asif Ghafoor, CEO pf Iduna, said the company is looking to "accelerate the delivery of electric vehicle charging infrastructure using the latest charging technology, data analytics and experienced supply chain partners".

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