Engenie will install over 2,000 rapid EV charging points at public sites across the UK, doubling the current number, following a £35m investment from Cube Infrastructure Fund.
Zap Map recorded 2,189 rapid chargers across the country at the end of May 2019 and once complete, Engenie believes its network could serve 5 million EVs a year.
A spokesperson for the €1.04bn Cube Infrastructure Fund says they chose to invest in Engenie due to the ‘promising sector’ and the company’s long-term approach.
It has previously invested in renewable energy projects, district heating networks, public transport providers, and fibre networks including London-based G Networks.
Last month Deloitte warned that the UK will need to spend £1.6bn on 28,000 public EV charge points for the estimated seven million EVs that will be on the road by 2030.
However, consumer confidence in EVs has still been slow to gain momentum, with a lack of reliable charging infrastructure often cited as a reason. EVs still represent less than 1% of the total market share for new cars sold.
Ian Johnston, the CEO of Engenie said: ‘The EV market is marching into the mainstream. Private companies are now seizing the EV investment opportunity and nearly 75% of car buyers are considering an EV as their next vehicle,’
‘Those organisations offering public car parking can position themselves for the future by providing new value to customers and driving increased footfall by installing rapid chargers. The EV tipping point is coming and this significant investment commitment positions us at the forefront of this burgeoning market.’
In the last year, Engenie has announced new partnerships with Marston’s Inns and Taverns, M7 Real Estate and Cardiff Council.
Poppy Welch, Head of Go Ultra Low, the joint government and industry campaign to promote the uptake of electric vehicles, said: ‘The UK is already home to one of Europe’s biggest rapid chargepoint networks and Engenie’s commitment to adding a further 2,000 units will make it even easier for motorists to access rapid chargers on the go.’
Earlier this week, The Department for Transport (DfT) announced they will spend £37m on ‘transforming’ electric charge point infrastructure, including projects to deliver wireless charging technology and a scheme that will see EVs charged by solar panels.