Be.EV secures £55m in debt financing from NatWest and KfW IPEX-Bank to expand its electric vehicle charging network.
The Manchester-headquartered charging network has closed a debt raise from NatWest and KfW IPEX-Bank to grow its infrastructure nationwide.
Manchester-headquartered Be.EV operates a public electric vehicle charging network across the United Kingdom.
Manchester-based electric vehicle charging network Be.EV has secured a £55m debt facility from NatWest and KfW IPEX-Bank. The injection follows previous backing from Octopus Energy Generation.
The capital will be directed towards expanding the firm's rapid and ultra-rapid charging infrastructure throughout the United Kingdom. Be.EV aims to operate more than 1,000 publicly accessible charge points nationwide by the end of 2024, focusing particularly on communities that currently lack rapid charging facilities.
From the founder
"The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles. 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."
Asif Ghafoor
CEO at Be.EV
Investor perspective
"We are determined to play an active role in the UK’s transition to a low carbon economy, and accelerating the take up of electric vehicles is a crucial part of the transition. We are delighted to have supported Be.EV with this financing which will drive the growth of its UK public charging network."
Bruce Riley
Managing Director and Head of Energy Transition, NatWest
Use of funds
- 01Build out infrastructure
