Be.EV secures £55 million in funding to expand charging network

British charging network Be.EV has secured £55 million in funding from the NatWest and the German KfW IPEX-Bank. It will use the money to expand its charging network to over 1,000 fast-chargers by the end of the year.

The company also says that the funding “also sets the stage for future investment for the wider EV charging industry.” However, it does not elaborate on what that will be. Be.EV is not active across the UK, but focuses on Manchester and the North West, where it has installed over 600 charge points. “With this new funding, we’ll be able to support the 1 million registered plug-in vehicles in the region even better,” the CPO says.

“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,” says Be.EV CEO, Asif Ghafoor. “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.”

Be.EV just recently became part of the Plugsurfing network and opened its first charging hub in Stockport in Greater Manchester at the beginning of the year. A second site there will follow soon. It is backed by Octopus Energy Generation, which invested £110 million in the charge point operator last year.