July 14, 2024
News

Zouk Capital boosts funding to support char.gy’s expansion of EV charging network in the UK.

char.gy, an electric vehicle (EV) charging company, has secured additional funding from Zouk Capital to accelerate the expansion of its on-street charging network in the UK over the next five years.

The Charging Infrastructure Investment Fund (CIIF), managed by Zouk Capital, has raised its commitment from £65m ($82.4m) to £100m.

CIIF is a £420m public-private initiative launched by the UK Government in 2019 to accelerate the deployment of EV charging infrastructure in the country.

The latest funding marks the third round of investment for char.gy, which began with an initial £6.4m in 2021.

Subsequent funding rounds brought the total to £65m before reaching the current £100m.

With new funding, char.gy plans to grow its network from 3,000 to 100,000 charge points by 2030.

The UK currently has approximately 60,000 public charge points.

char.gy CEO John Lewis said: “The latest funding will help us accelerate our ambitious growth plans and will be directed towards rollout of more charge points across next five years. We are here to partner with local councils, providing expertise and scale needed to drive UK’s green agenda forward.”

Zouk Capital partner George Ridd added: “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 growing demand for EV infrastructure and supporting UK’s Net Zero 2050 goals.”

char.gy’s charge point solutions, designed and manufactured in the UK, maintain a network availability rate of 99%.

The company installed its first public charge point installation in Marlow, Buckinghamshire in 2018.


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