EV charging network Iduna has hired EY to attract investment under its plans for an accelerated expansion of charging infrastructure across the North.

Iduna, which runs the Be.EV public charging network in Greater Manchester, is aiming for a commitment of £100m to support its business plan for accelerated network expansion

The firm, which runs the Be.EV public charging network in Greater Manchester, is aiming for a commitment of £100m to support its business plan and pipeline beyond the initial phases and deliver currently secured sites and an accelerated network expansion in 2022.

This will build a “dense, unified network of destination chargers” and on-the-go hubs, making it easy for motorists to switch to electric.

Its work with EY is expected to significantly increase its funding profile.

The business focuses on working with the communities it serves and operates in, which includes using community-based fundraising. Last year, it raised £4m from retail investors through ethical investment platform Abundance to fund an initial tranche of 50 chargers to be installed in the first half of 2022.

A second round, also through Abundance, is underway to raise £6.5m for another 65 chargers. It currently stands at £2.2m raised from over 1,300 individual investors.

Asif Ghafoor, CEO of Iduna, said: “The speed of our roll-out, and the development of a more accessible network is driving the need to seek further investment. To scale the EV charging infrastructure in the region at the pace required, we are thinking and investing bigger. Our pipeline is growing fast and the EY team will help us bring in the investment we need to deliver it. We’re delighted to have such an experienced team on board.”

Louise Shaw, EY Partner, energy infrastructure and corporate finance, added: “Given the need for rapid deployment of public EV charging in order to meet the UK’s net zero targets, we are pleased to be supporting Iduna in this fundraising process and are excited to be a part of their journey in delivering much needed charging infrastructure in the North and the wider UK.”

She added: “This engagement builds upon EY’s experience in the e-mobility and wider energy transition sectors and is a great example of EY’s commitment to supporting clients in the sustainability agenda.”

Details of Iduna/Be.EV and its work to rapidly expand public EV charging access in the North are available on its website, including for interested potential partners.