char.gy secures additional £35m funding

Electric vehicle (EV) charging company char.gy has secured an increased investment commitment to £100 million to accelerate the rollout of its on-street charging infrastructure throughout the UK.

The funding is part of the government’s £420 million Charging Infrastructure Investment Fund (CIIF), managed by infrastructure and private equity fund manager Zouk Capital. Through CIIF char.gy secured an initial £6.4 million pounds in 2021, increasing to £65 million in 2022 and now totalling £100 million following the just announced third round.

The investment supports equitable public access to charging infrastructure and will accelerate the rollout of char.gy’s public on-street network over the next five years, improving access to EV charging for the 40% of UK households without access to off-street parking.

Char.gy says the investment will allow it to expand its network from 3,000 charge points today to 100,000 by 2030. Currently, the UK has around 60,000 public charge points.

John Lewis, char.gy CEO, says, “We are here to partner with local councils, providing the expertise and scale needed to drive the UK’s green agenda forward. We are delighted that with Zouk’s continued support, we will 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,” he adds.

George Ridd, Partner at Zouk Capital, said “Zouk’s increased commitment to char.gy comes at a pivotal time as the EV charging market experiences exponential growth.

“Well-capitalised providers 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.”