Turbo Power Systems (TPS), a UK-based company that designs and manufactures high-speed permanent magnet electric motors and generators for use in industrial and energy applications, secured £3.8 million (~$4.2 million) funding from HSBC UK to launch its ultra-rapid electric vehicle (EV) chargers for commercial fleets.

The company’s charging solutions have been designed for fast-charging commercial EV fleets. They can be deployed by fleet operators, even where grid supply may be constrained, by creating micro-networks with energy storage to support charging.

With new funds, the company plans to build its own ultra-rapid charging station near its headquarters in Gateshead to showcase this new product. The charging station will open to the general public and commercial customers in 2023. TPS aims to target fleet operators who need fast and reliable vehicle charging solutions. After successful trials, it has already received customer interest across Europe and the US.

Carlos Neves, CEO at Turbo Power Systems, said: “HSBC UK’s support has boosted our working capital, allowing us to further the development of, and commercialization strategy for, these innovative rapid EV chargers as well as our wider energy product portfolio – efforts which will help to accelerate the uptake of electric vehicles.”

According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid. There was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, financing in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals. ChargeLab, an electric vehicle (EV) charging software provider, recently raised an additional $15 million in funding, bringing its total Series A round to $30 million. The new financing includes $10 million in equity and $5 million in venture debt.