Engenie is to double the number of rapid electric vehicle (EV) charging points across the UK, after receiving £35 million of new investment.
The firm claims the wave of new funding from Cube Infrastructure Fund II, a €1.04 billion (£935m) European infrastructure fund managed by Cube Infrastructure Managers, makes it the UK’s best-funded independent EV charging network.
The firm eventually hopes to build thousands of open-access, renewable electricity-powered rapid chargers – by 2024, it plans to double the current figure of 2,189.
These will be installed in public locations such as supermarkets and retail parks, enabling EV drivers to charge quickly and conveniently with no membership or connection fee required.
Once complete, Engenie expects the network to serve around five million EVs annually, removing up to 25 tonnes of nitrogen dioxide from the air each year.
Ian Johnston, CEO of Engenie, said: “The EV market is marching into the mainstream. Private companies are now seizing the EV investment opportunity and nearly 75% of car buyers are considering an EV as their next vehicle.
“Those organisations offering public car parking can position themselves for the future by providing new value to customers and driving increased footfall by installing rapid chargers. The EV tipping point is coming and this significant investment commitment positions us at the forefront of this burgeoning market.”