Octopus Energy Group, a renewable energy group specializing in sustainable energy, invested £110 million (~$128 million) in EV Charging provider Be.EV.
The funding is expected to help Be.EV to scale and install new charge points across the UK. The deal will help grow Be.EV’s 150 public charge point network, with the company committing to add 1,000 further charge points across the North of England and beyond by 2024. The move will increase the firm’s charge point coverage by over 600%.
Public charge points are currently unevenly distributed, with London hosting the most charging station provision per 100,000 of the population at 102, according to the Department for Transport.“The backing from Octopus 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.” Said Asif Ghafoor, CEO, and co-founder of Be.EV
This deal marks the next step in Octopus Energy Group’s advancement of EVs. Its EV roaming service Electric Universe makes charging EVs simple as drivers use one card and app to access over 310,000 public charge points from a range of brands globally. As part of this agreement, Be.EV will join the Electric Universe alongside the 460+ other charging networks on the platform.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion compared to the $936 million raised in 9M 2021.
Fastned, an EV Charging company, recently secured a €75 million (~$74 million) long-term strategic investment from Schroders Capital. The company intends to use the funds to expand the capacity of its existing charging stations.
