EV Charging Firm Erapid Raises $32 Million to Expand Charging Network in Ireland

Erapid, a provider of electric vehicle (EV) charging solutions, has raised €30 million (~$32 million) from Aviva Investors, the global asset management business of Aviva. As part of its Climate Transition Real Assets strategy, the phased investment by Aviva Investors will enable Erapid to expand its operational capabilities and network of chargers across Ireland.

Erapid trades in Ireland as EasyGo and CarCharger EV and currently manages over 4,000 charging points in 1,500 locations across the country.

In addition, and as part of the transaction, Rubicon Capital Advisors, an Irish-based merchant banking boutique and one of Erapid’s largest shareholders, will also increase its stake in the company to further assist with the growth of the business.

“The EV sales market in Ireland is booming but needs the infrastructure to catch up. This investment, combined with our history of introducing the latest charging technology to Ireland, means we are well-positioned to create and scale a seamless EV charging network that supports a sustainable future,” said Chris Kelly, co-founder of Erapid.

“Ireland has some of the lowest public charger to EV ratios in the EU, giving potential for substantial growth in the platform as part of the transition from internal combustion engines towards electric powertrains. We view this as a great opportunity for the money we look after on behalf of our clients to make a material contribution to delivering on the UK and Ireland’s net zero ambitions whilst also meeting their long-term investment objectives,” said Adam Irwin, Fund Manager, Infrastructure Equity, at Aviva Investors.

Erapid plans to roll out over 3,000 fast DC chargers onto the national charging network by 2032. The company also plans to add over 20,000 commercial AC chargers into apartments, buildings, hotels, and other key locations.

According to Mercom’s recently released 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, Corporate funding for Smart Grid companies in 9M 2023 was 4% higher YoY, with $2.9 billion in 48 deals compared to $2.8 billion in 35 deals in 9M 2022.

Recently, EVOS, a provider of EV Charging solutions, secured $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others.