EV charging company Char.gy has secured a higher funding commitment up to £100m to boost the rollout of its on-street charging infrastructure across the UK.
Char.gy aims to grow its on-street network from over 3,000 charge points today to 100,000 by 2030
London-based infrastructure investor Zouk Capital has increased its commitment from the government-anchored Charging Infrastructure Investment Fund (CIIF) to £100m.
The funds will accelerate the rollout of Char.gy’s public on-street charging infrastructure throughout the UK during the next five years.
With the new investment from Zouk Capital, Char.gy aims to grow its network from over 3,000 charge points today to 100,000 by 2030. Currently, the UK has around 60,000 public charge points and the Government has previously set a goal of 300,000 chargers by 2030, highlighting the scale of Char.gy’s ambitious growth plans.
The infrastructure expansion will provide vital support for the 40% of UK households – over 11 million – without access to off-street parking.
Char.gy works with UK councils to facilitate the installation of public charge points through the CIIF, a £420m public-private fund established by the Government in 2019. The fund, managed by Zouk Capital, aims to accelerate the deployment of EV charging infrastructure across the UK.
Char.gy secured an initial £6.4m investment in 2021, followed by a second round in 2022 that brought the total to £65m. The third round increases the total investment to £100m.
John Lewis, Char.gy CEO
John Lewis, Char.gy CEO, said: “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 installed its first public charge point in Marlow, Buckinghamshire in 2018 and is capable of deploying over 500 charge points monthly. Its range of charge point solutions, designed and manufactured in the UK, have network availability consistently over 99%.
George Ridd, partner Zouk Capital, said: “We are delighted to strengthen our support for Char.gy’s mission. Well-capitalised providers such as 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.”