EV charge point management platform Fuuse has received a £2.5m follow-on investment to support growth plans with fleets and charge point operators (CPOs).

Co-founders Michael Gibson (CEO of Fuuse) and Will Maden (COO of Fuuse)

The top-up funding comes as the firm accelerates revenues and growth, and will be used to feed the growth of sales and support teams to serve forecasted demand and wider expansion plans.

The investment is led by Par Equity and is backed by a group of new and existing private investors and entrepreneurs with leadership position in the energy, automotive and tech markets. The new injection of investment, which joins more than £400,000 in recent government-funded research and development and more to be announced, will enable the company to aggressively enhance innovation and functionality for CPOs, fleets and destination charging.

The funding follows a series of recent contract wins to deliver enterprise charging solutions, including for United Utilities, Suez, SSE and British Airways.

Michael Gibson, CEO, said: “Fuuse is rapidly growing its market leading enterprise solution for EV charging as we continue our path to profitability. We have a robust pipeline of new projects with some major announcements to follow. We’re also building the foundations for the next wave of the EV revolution through our grant-funded innovation projects and we’re delighted to be ready to address the future demand we see coming down the road with the further support from our investors.

“The future is very encouraging and we are ready at the helm to strengthen our foothold in the UK, expand our offering in Ireland and springboard into new international markets by the end of the year.”

Alastair Moore, senior investment manager at Par Equity, added: “With around 600 charge point connections needing to be installed every week through to 2030 in the North alone ahead of the ban on petrol and diesel vehicles, Fuuse is now expertly placed as the partner to large enterprises and public sector organisations as they scale their own EV infrastructure.

“At Par Equity we have been inspired by the team’s constant innovation and ability to lead the market with new features that deliver further benefits to customers as the EV charging market evolves. We are incredibly excited to see where Fuuse goes from here.”

Recent innovations by Fuuse include a new suite of energy monitoring and management tools, FuuseEnergy, enabling confident EV transition to those seeking to balance the supply of electricity to their premises.

The team recently secured almost £200k in grant funding to develop an end-to-end V2X (vehicle-to-everything) DC microgrid solution for fleets. The project, part of the V2X Innovation Programme, is funded by the Department for Energy Security and Net Zero (DESNZ), delivered by Innovate UK.