EV Charging Provider Be.EV Secures $70 Million Debt Financing

Be.EV, an EV charging provider, secured £55 million (~$70 million) in debt financing from NatWest and the German KfW IPEX-Bank. The funding was also supported by existing investor Octopus Energy, a renewable energy group specializing in sustainable energy, which invested £110 million (~$128 million) last year.

This deal will help the company expand and achieve its goal of operating over 1,000 rapid and ultra-rapid charge points across the U.K. by the end of 2024, making public EV chargers more accessible. Only 5,336 locations in the country currently offer rapid and ultra-rapid charging, serving over one million EVs.

“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate. It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.” Said, Asif Ghafoor, CEO, Be.EV.

This U.K.-based company has already established its presence in Manchester and the Northwest by installing over 600 changepoints in those areas. This funding now will also support more than one million registered plug-in vehicles in that region.

According to Mercom’s Q1 2024 Funding and M&A report for Storage & Smart Grid. The Smart Grid sector saw $30 million raised in two debt and public market financing deals in Q1 2024. In a YoY comparison, $777 million was raised in four debt and public market financing deals in Q1 2023.

In June, Ekoenergetyka, a manufacturer of EV chargers, secured a loan of PLN 691 million (~$170 million). The loan agreement provides for the possibility of structuring financing in the first year of cooperation under the Sustainability Linked Loan (SLL) formula. Upon meeting certain conditions, the loan amount can also be increased to PLN741 million (~$183 million).