Funding boost for on-street electric vehicle charging secured

Charge point operator Chargy has secured an increase in funding for the rollout of on-street electric vehicle (EV) charge points.

The increased commitment, from £65 million to £100m, has been made by the Charging Infrastructure Investment Fund (CIIF) run by Zouk Capital.   

The £420m public-private fund was established by the UK Government in 2019, with the aim of accelerating the deployment of EV charging infrastructure across the UK.

Chargy’s initial £6.4m investment in 2021, followed by a second round in 2022 bringing the total to £65m, has now culminated in this third round, bringing the total investment to £100m.

Thanks to the new cash, Chargy aims to grow its network from more than 3,000 charge points today to 100,000 by 2030.

Chargy’s CEO, John Lewis (pictured), said: “We are delighted that with Zouk’s continued support, we will continue to expand our on-street charging network, making EV ownership viable for more individuals reliant on public charging, supporting their transition to sustainable transport.

“Our mission is to ensure EV adoption is accessible to everyone, creating parity between those with off-street parking and those without.

“The latest funding will help us accelerate our ambitious growth plans and will be directed towards the rollout of more charge points across the next five years.

“We are here to partner with local councils, providing the expertise and scale needed to drive the UK’s green agenda forward.”

George Ridd, partner at Zouk Capital, added: “Zouk's increased commitment to Chargy comes at a pivotal time as the EV charging market experiences exponential growth.

“Collaborating with dedicated partners like char.gy allows local authorities to provide accessible, reliable charging infrastructure to their residents now and into the future.

“We are delighted to strengthen our support for Chargy’s mission. Well-capitalised providers like Chargy ensure that councils can depend on consistent, long-term investments, which are crucial for sustainable infrastructure development.

“Investors committed for the long haul are essential in meeting the growing demand for EV infrastructure and supporting the UK’s Net Zero 2050 goals.”