Energy Park, an EV charging solution provider, secured an initial £35 million (~$45 million) investment from Zouk Capital, manager of the UK Government’s Charging Infrastructure Investment Fund (CIIF). With this funding, the company plans to provide charging facilities to residential sites across the U.K.
Gavin Malone, Founder of Energy Park, said, “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.”
Due to the growing demand for EV charge points, it is challenging to install them in apartment buildings compared to home driveways and public charging stations, according to the company. However, Energy Park aims to change this by providing residents with access to more affordable charge points, along with reliable service and dedicated ongoing customer support.
George Ridd, Partner at Zouk, said, “With their deep knowledge and expertise in EV charging solutions and their offer of fully funded and scalable EV charging infrastructure, Energy Park is on a mission to remove barriers, unlock demand, and ultimately accelerate the electrification of the UK’s vehicles. This is fully in line with the CIIF’s central objective, and we at Zouk are very excited to be joining Gavin and his team on their journey.”
According to Mercom’s Q1 2024 Funding and M&A report for Storage & Smart Grid, Smart Grid VC funding increased 134% in Q1 2024, with $656 million raised in 12 deals compared to $280 million in 14 deals in Q1 2023. In a QoQ comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.
Recently, EnviroSpark, a provider of electric vehicle (EV) charging solutions, secured a $50 million investment from funds that will help the company expand its EV charging landscape, which is owned and operated across the U.S.
