Energy Park has announced that it has secured a further £35 million from Zouk Capital, which manages the UK government’s Charging Infrastructure Investment Fund (CIIF). The funding will accelerate the EV charging company’s UK growth.
Zest initially received a £35 million investment through the CIIF fund in 2021 and, with this new funding, it has now reached £105 million.
Energy Park improves access to EV charging at communal residential parking areas. Growing demand for chargers at apartment buildings has been largely overlooked as home driveway and public charging have been prioritised.
With an estimated 100,000 apartment buildings in the UK, Energy Park wants to address the need for EV charging in shared car parks. According to the company: “access to charge points at apartment buildings is often limited, with residents paying prices comparable to higher public charging rates.”
Energy Park will remove many of the financial and operational barriers to large-scale EV infrastructure investment by aiming to offer a fully managed and funded scalable solution for residential landlords.
It will also offer tailored EV charging solutions for residential destination operators, such as holiday parks and hotels.
Energy Park founder, Gavin Malone, said: “We’re delighted to be partnering with Zouk Capital to drive the growth of EV infrastructure in the UK. The demand for affordable EV charge points at apartment buildings and residential destinations is increasing rapidly, and with Zouk’s funding we can grow quickly to become a leading provider of tailored EV charging solutions for more residential landlords.”
George Ridd, Partner at Zouk, added: “There are a huge number of drivers in the UK who rely on communal residential parking facilities and for whom accessing the convenience of charging at home has not been straightforward.”
The CIIF, managed by Zouk, is a dedicated fund set up by the UK government in 2019 to help develop EV infrastructure. Notably, a £30 million investment from Zouk through the CIIF went to Zest, which has gone on to be a major public EV chargepoint operator in the UK.
Last week, it was selected by Warrington Borough Council to provide 56 EV charging stations at the Time Square shopping centre in the centre of Warrington.
