Credit: Char.gy
Investment marks third time Zouk Capital has invested in public charging network provider through government-backed Charging Infrastructure Investment Fund
UK electric vehicle (EV) charging company Char.gy has secured £35m in fresh investment to expand its network of on-street electric vehicle (EV) chargers around the country.
The company confirmed this morning it had secured an increase in funding from the Charging Infrastructure Investment Fund, which pools public and private finance and is run by Zouk Capital, taking the total investment from £65m to £100m.
Char.gy works with local councils to install public charge points, which aim to make EV ownership easier for the many households that do not have access to charging at home.
The company said the funding would enable it to grow its network from over 3,000 chargers today to 100,000 by 2030.
George Ridd, partner at Zouk Capital, said the investment came at a "pivotal time" as the EV charging market continues to experience "exponential growth".
"Collaborating with dedicated partners like char.gy allows local authorities to provide accessible, reliable charging infrastructure to their residents now and into the future," he said. "Well-capitalised providers like Char.gy ensure that councils can depend on consistent, long-term investments, which are crucial for sustainable infrastructure development."
The Charging Infrastructure Investment Fund has made three investments in Char.gy to date, having invested an initial £6.4m in 2021, followed by a second round in 2022 which took the total to £65m.
"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," said John Lewis, Char.gy CEO. "We are here to partner with local councils, providing the expertise and scale needed to drive the UK's green agenda forward."
In further industry news, South Korean electronics giant LG Electronics is teaming up with ChargePoint, a California-based electric vehicle charging software provider and network operator, to drive innovation in the sector.
The tie-up, announced yesterday, will see ChargePoint provide software to operate LG's chargers from later this summer.
The partners said they were also exploring opportunities that would see LG "bolster" ChargePoint's network of more than 306,000 charge points. As a result, customers of the US firm would benefit from LG's chargers in places where the "ideal" hardware solution did not already exist, they said.
"LG shares ChargePoint's commitment to enabling a world-class charging experience for all EV drivers, regardless of make, model or connector type," said Rick Wilmer, CEO of ChargePoint. "Together we will develop market-leading EV charging solutions and pursue further opportunities to push the envelope thanks to our combined engineering expertise."
The companies said they were also considering combining ChargePoint's charger management software with LG's energy storage systems, and the integration of LG's giant smart home platform with ChargePoint's residential charger.
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