Climate Insider Brief:

• Char.gy, a London-based EV charging company, has secured a £100 million investment from the Charging Infrastructure Investment Fund, managed by Zouk Capital.
• With the new investment, Char.gy plans to increase its network of over 3,000 charge points to 100,000 by 2030, supporting up to one million EV drivers. 
• Char.gy’s expansion aims to ensure equitable access to EV charging infrastructure, particularly benefiting the 40% of UK households without off-street parking. 

 London-based electric vehicle (EV) charging company Char.gy has secured a £100 million investment to enhance its on-street charging infrastructure across the UK. The investment, made by the Charging Infrastructure Investment Fund (CIIF) and managed by Zouk Capital, underscores Char.gy’s key role in the UK’s transition to electric vehicles.

The funding will bolster the Local Electric Vehicle Infrastructure Fund (LEVI), extending its reach and ensuring equitable public access to charging infrastructure. Over the next five years, Char.gy will accelerate the deployment of its public on-street charging infrastructure, particularly benefiting the 40% of UK households without access to off-street parking.

With this new investment, Char.gy aims to expand its network from over 3,000 charge points today to 100,000 by 2030, supporting up to one million drivers. This is a significant increase considering the UK currently has approximately 60,000 public charge points.

George Ridd, Partner at Zouk Capital, commented: “Zouk’s increased commitment to Char.gy comes at a pivotal time as the EV charging market experiences exponential growth. Collaborating with dedicated partners like Char.gy allows local authorities to provide accessible, reliable charging infrastructure to their residents now and into the future. We are delighted to strengthen our support for Char.gy’s mission. Well-capitalised providers like Char.gy ensure that councils can depend on consistent, long-term investments, which are crucial for sustainable infrastructure development. Investors committed for the long haul are essential in meeting the growing demand for EV infrastructure and supporting the UK’s Net Zero 2050 goals.”

Founded by Richard Stobart, Char.gy provides and operates EV charge points across the UK, managing a network of over 3,000 public charging stations. The company’s range of charge point solutions, designed and manufactured in the UK, have maintained network availability of over 99%. Since installing its first public charge point in Marlow, Buckinghamshire, in 2018, Char.gy has consistently delivered robust on-street EV charging networks. The company is capable of deploying over 500 charge points monthly, which aligns with the estimated requirement of 300,000 public chargers needed by 2030.

John Lewis, CEO of Char.gy, stated: “We are delighted that with Zouk’s continued support, we will continue to expand our on-street charging network, making EV ownership viable for more individuals reliant on public charging, supporting their transition to sustainable transport. Our mission is to ensure EV adoption is accessible to everyone, creating parity between those with off-street parking and those without. The latest funding will help us accelerate our ambitious growth plans and will be directed towards the rollout of more charge points across the next five years. We are here to partner with local councils, providing the expertise and scale needed to drive the UK’s green agenda forward.”

Char.gy is making a substantial impact on the UK’s EV charging infrastructure with its ambitious rollout of on-street charge points. The recent £100 million investment underscores its pivotal role in supporting EV adoption, especially for households without off-street parking. By significantly expanding its network, the company is helping to meet the UK’s Net Zero 2050 goals and facilitating a cleaner, greener future.

News Source: Tech Funding News

Featured Image: Credit: char.gy