Be.EV, the Manchester-based national EV charging network, has secured £55m in debt financing from NatWest and KfW IPEX-Bank in a landmark debt raise for the industry.

The majority of chargers supported by the new money will be ultra-rapid

The deal between the national charge point operator, UK high street bank and German state bank will enable Be.EV to expand its charging network to more than 1,000 rapid and ultra-rapid charge points by the end of 2024.

Be.EV said the funding was a milestone in a nascent sector for debt and served as a strong vote of confidence from the banking industry that the public charging industry is a sound investment. The support from Germany’s KfW IPEX-Bank also gives strong endorsement of the UK from abroad.

Octopus Energy Generation has also continued its commitment to Be.EV, with further funding allocated as part of the £110m cash injection announced in 2022. Octopus’ investment was made on behalf of the Sky fund (ORI SCSp) it manages, which has a majority stake in Be.EV.

The majority of chargers supported by the new money will be ultra-rapid. There are currently only 5,336 locations in the UK that offer rapid and ultra-rapid charging.

The funds will also help Be.EV to cement its foothold in Manchester and the North West, where it’s already installed more than 600 charge points. These are accessible to all members of the public, with the 35,000 Be.EV members able to charge their EVs at discounted rates. The chargers are powered by renewable energy from Octopus Energy.

Asif Ghafoor, CEO of Be.EV, said: “This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s zero-emission vehicles by 2035 mandate.

“It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”

Andreas Ufer, member of the management board of KfW IPEX-Bank said: “We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK. It is our mission to support the mobility transition with our financings in Europe and worldwide and drive the change towards decarbonisation in our societies.”