Octopus Energy Generation is set to make its first investment in the UK’s EV charging infrastructure with the allocation of £110 million to Manchester-based Be.EV.
The investment is being made on behalf of the Sky Fund and will be used to scale and install new chargepoints across the UK, further contributing to the accessibility of EV charging infrastructure. This will scale the EV firm’s 150-strong public charge network by adding a further 1,000 across North England and beyond by 2024.
In doing so, this will increase the firm’s chargepoint coverage by over 600%.
The two companies have already been collaborating with Octopus supplying Be.EV chargers with 100% green electricity. This helps reduce the overall carbon footprint of the EVs and the chargepoints.
“Our first foray into funding EV charging infrastructure is a significant milestone. We’re accelerating the green energy transition, with more deals coming up to turbocharge it,” said Matt Setchell, co-head of Octopus Energy Generation’s fund management team.
“As a nation, we need to rapidly build more EV charge points to meet the growing number of drivers going electric. Easy and fair access to chargers will help phase out petrol-guzzling cars once and for all.”
Be.EV is owned by Iduna and is claimed to be Greater Manchester’s biggest public EV charging network, with over 7,500 members. In late 2021, Iduna launched a second offer through Abundance’s crowdfunding platform aiming to raise £6.5 million. It was said this would enable the rollout of 65 fast, rapid and ultra-rapid public EV chargers across the northwest.
This offer followed Iduna raising £4 million through its first offer in April 2021, with this funding being used to install 50 fast or rapid EV chargers around Greater Manchester.
“Everybody, not just the wealthy, must be able to make the switch to electric cars but currently people who live outside London or in less affluent areas are underserved by public EV charging. If you live in a flat or terrace, you can’t charge at home,” Asif Ghafoor, CEO and co-founder of Be.EV.
“This investment addresses that imbalance and helps kickstart a national infrastructure effort that, for once, doesn’t start in London. The backing from Octopus Energy Generation is transformational for us. We have sites lined up and underway that will form dense clusters of chargers that give people the confidence to go electric.
“We’re also building infrastructure that communities can be proud of, reinventing charging locations as green neighbourhood hubs and developing iconic designs. Octopus’ support means we can take this unique approach to other parts of the country, addressing the imbalance in charging provision across north and south, urban and rural communities.”
Octopus Energy has also been extending its reach into the EV sector in recent months having announced it had grown its EV roaming service to have over 300,000 chargers globally.
The Electric Juice service, which has been rebranded to Electric Universe, achieved this milestone having launched two years ago. It is now regarded as one of the world’s “largest” virtual EV charging networks, the company stated.
Supporting the adoption of the UK will require the scaling of the nation’s charging infrastructure and network. Recent research led by Paythru indicated that over half (54%) of participants said not being able to find a chargepoint when it is required would put them off getting an EV and a further 26% said it might. A total of 80% highlighted it as a concern.
Via the Taming the EV Charging ‘Wild West’ report, which presents research from 2,042 British residents surveyed, of which 1,975 were not currently EV drivers, finding EV chargepoints was cited as a critical issue deterring many from adopting the clean vehicles.