The EV Network (EVN) has signed a new Â£50m investment to develop the ‘next generation’ of EV charging hubs.
The initial Â£50m commitment is the first stage of an up to Â£200m programme of investment which will be provided by clean energy investor Sustainable Development Capital.
EVN plans to use the initial funding to develop around 100 locations each with multiple ultra-fast EV charge points.
EVNâ€™s goal is to address the challenges faced by both landlords and charge point operators (CPOs) by rolling out a network of rapid and ultra-fast EV chargers and charging infrastructure in the UK.
Lord Barker, chairman of EVN said: ‘Securing this substantial project-level funding isnâ€™t just great news for EVN and all our stakeholders but a terrific shot in the arm for the whole U.K. electric vehicle sector.
‘This is private sector green recovery at its most promising.’
Reza Shaybani, Co-Founder & CEO of EVN said: ‘I am delighted that we have achieved this important milestone in our company. Our unique business model offers Charge Point Operators (CPOs) a fully funded, turn-key solution to high-powered EV charging. This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future.
‘Public demand for cleaner air, long-term and prudent Government policies alongside the automotive industryâ€™s shift from ICEs to EVs will make the transition towards a cleaner and greener future of mobility possible. I must congratulate our exceptional team for this outstanding achievement, especially in the current economic climate.’
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