Octopus Energy Generation is investing £110m in Manchester-based Be.EV’s charging network for electric cars.
Be.EV which took over Transport for Greater Manchester’s chargers in 2020 are now planning to install 1000 points by 2024, which would expand its network by more than 600%.
The cash comes from Octopus Energy Generation’s Sky fund (ORI SCSp) and the company already supplies Be.EV with its renewable energy.
“Our first foray into funding EV charging infrastructure is a significant milestone. We’re accelerating the green energy transition, with more deals coming up to turbocharge it,” said Matt Setchell, co-head of Octopus Energy Generation’s fund management team.
“As a nation, we need to rapidly build more EV charge points to meet the growing number of drivers going electric. Easy and fair access to chargers will help phase out petrol-guzzling cars once and for all.”
As part of this agreement, Be.EV will be joining Electric Universe, alongside the 460+ other charging networks on the platform.
Currently there are 456k EVs** on UK roads, with more than half of drivers aged 16 to 49 years in the UK saying they’re likely to switch to an EV in the next decade.
“Everybody, not just the wealthy, must be able to make the switch to electric cars but currently people who live outside London or in less affluent areas are underserved by public EV charging. If you live in a flat or terrace, you can’t charge at home. This investment addresses that imbalance and helps kickstart a national infrastructure effort that, for once, doesn’t start in London,” added Asif Ghafoor, CEO and co-founder of Be.EV.
“The backing from Octopus is transformational for us. We have sites lined up and underway that will form dense clusters of chargers that give people the confidence to go electric. We’re also building infrastructure that communities can be proud of, reinventing charging locations as green neighbourhood hubs and developing iconic designs. Octopus’ support means we can take this unique approach to other parts of the country, addressing the imbalance in charging provision across north and south, urban and rural communities.”
