Engenie, an electric vehicle (EV) rapid charging network, has announced it has received a £35 million investment from a European infrastructure fund.
The funding from Cube Infrastructure Fund II will go towards the company’s ambition of doubling the current number of rapid charge points in the UK by 2024.
Ian Johnston, chief executive of Engenie, said: “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.”
Engenie plans to have installed rapid chargers at more than 100 sites by Christmas.
Once complete, the company claims its network could serve 5 million EVs a year, removing up to 25 tonnes of nitrous oxides annually.
In the last year Engenie has announced significant new partnerships with Marston’s Inns and Taverns, M7 Real Estate and Cardiff Council.
It has previously secured £5 million of funding from Investec.
Renaud de Matharel, chief executive of Cube Infrastructure Managers, said: “With transportation representing about 40 per cent of total energy consumption in the UK and air pollution becoming a fast-growing concern, we see new mobility solutions as a critical factor in achieving energy transition targets and implementing climate change policies.
“By investing in Engenie, we intend to accelerate the deployment of its rapid EV charging infrastructure, providing over the long term an increasingly essential service to local communities across the UK, consistent with our high environment, social and corporate governance standards.”