Be.EV secures £55m funding for expansion of EV charging network

The funding will enable Be.EV to expand its network to over 1,000 rapid and ultra-rapid charge points across the UK by the end of 2024.

Electric vehicle charging network Be.EV has raised £55 million in debt financing from NatWest and Germany’s KfW IPEX-Bank.

This significant investment underscores Be.EV’s position as a leading charge point operator and reflects strong banking sector confidence in the emerging public charging industry.

The funding will support Be.EV’s goal to operate over 1,000 rapid and ultra-rapid charge points across the UK by the end of 2024, addressing the needs of communities lacking access to fast charging options.

Currently, the UK has only 5,336 locations offering rapid and ultra-rapid charging, predominantly within the M25. Be.EV aims to broaden this accessibility nationwide.

The investment from NatWest and KfW IPEX-Bank, alongside continued support from Octopus Energy Generation, which previously committed £110 million in 2022, will help cement Be.EV’s presence, particularly in Manchester and the North West, where they have already installed over 600 charge points.

These chargers, powered by renewable energy from Octopus Energy, will be accessible to the public, with discounted rates for Be.EV’s 35,000 members.

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Asif Ghafoor, CEO of Be.EV, highlighted the financing as a substantial endorsement of their mission to provide reliable charging infrastructure to underserved communities. He also noted that this investment would facilitate further industry investments, benefiting the EV-driving community and supporting the Government’s Zero-emission vehicles by 2035 mandate.

Bruce Riley of NatWest and Andreas Ufer of KfW IPEX-Bank expressed their commitment to supporting the UK’s transition to a low-carbon economy and advancing e-mobility infrastructure. The deal was facilitated by advisors including Arup, DLA Piper, Eversheds Sutherland, EY, and Osborne Clarke.

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