Electric vehicle (EV) charging company, char.gy, has secured an increase in commitment to £100m from Zouk Capital to boost the rollout of its on-street charging infrastructure across the UK.
With the new investment, Char.gy said it aims to grow its network from more than 3,000 chargepoints today to 100,000 by 2030, supporting the transition for up to one million drivers.
Currently, the UK has around 60,000 public chargepoints, but to meet expected demand by 2030, it is estimated that 300,000 public chargepoints will be needed.
Facilitating the installation of public chargepoints through the Charging Infrastructure Investment Fund (CIIF), a £420m public-private fund managed by Zouk Capital and established by the UK Government in 2019, Char.gy is positioning itself to become a major investment partner for local authorities in EV chargepoint concessions.
Char.gy’s initial £6.4m investment in 2021, followed by a second round in 2022 bringing the total to £65m, has now culminated in this third round, bringing the total investment to £100m.
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Char.gy CEO John Lewis said: “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 chargepoints 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.”
The UK government has committed £1.3bn to support the rollout of EV charging infrastructure, which includes the Local Electric Vehicle Infrastructure Fund (LEVI).
Achievements and innovations in EV charging infrastructure will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at De Vere Grand Connaught Rooms in London. Nominations are open now! Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector