EO Charging to drive product development with £13m funding
Electric vehicle charger manufacturer EO Charging has secured £13m funding from London-based infrastructure investor Zouk Capital.
The firm designs and manufactures electric vehicle charging stations for homes, fleets and destinations and will use an initial phase of the funding to increase the team and continue investing in product development.
The remaining funds are reserved to roll out a ‘Charging as a Service’ model with the EO product range, which will see EO offer free installation to firms hosting the chargers and end-users then pay for the service.
To date, EO Charging has manufactured over 5,000 charging stations at its new headquarters in Stowmarket, Suffolk, and currently sells its products in 25 countries around the world.
Colin Campbell, partner at Zouk Capital – which has also invested in InstaVolt – said: “This marks Zouk’s third investment in the EV charging market – in both rapid and slow charging models that we believe complement each other across the whole EV charging ecosystem. We have tracked EO for over a year and we believe that Zouk will help unlock the huge opportunity ahead for the company operating in an important part of the EV charging market.”