EV charge point operator (CPO) Believ has secured a £300m investment facility to install at least 30,000 public charge points across the UK.
The funding is led by Believ’s joint owners Liberty Global and Zouk Capital, alongside four retail and infrastructure financing banks – Santander, ABN Amro, NatWest and MUFG.
Believ says its latest financing marks a pivotal step in the further expansion of its public charging network which is needed to persuade drivers to switch to EVs. The Government has a target of 300,000 public charge points by 2030; currently drivers have access to just over 80,000.
Believ adds that it will be partnering with both public and private sector organisations to deliver the right charging solutions in the right locations, demonstrating how private sector investment can be used in partnership with local government and businesses to bolster public transport infrastructure.
Guy Bartlett, Believ CEO, comments on the funding: “It recognises the scale of investment required and the urgency of the need.
“Confidence in EVs will continue to grow as drivers see more infrastructure going into the ground. At Believ, we are very proud to be at the heart of this journey.”
Jonathan Pearson, chairman of Believ and CFO of Liberty growth at Liberty Global, comments: “With Virgin Media O2 on board as a delivery partner and leveraging Liberty Global’s financing expertise, we look forward to Believ rolling out much-needed EV charge points throughout the UK.”
“This landmark investment is a major moment – not just for Believ, but for the UK’s electric future,” says Massimo Resta, Partner at Zouk Capital. “The EV market is at an inflection point. EV penetration is expected to accelerate driven by the arrival of new mass-market vehicles at attractive price points. The EV charging rollout required to support the transition needs long-term private investment with strong partners. With this level of funding, Believ has the commercial strength, operational expertise, and local insight to deliver what communities and landowners need – on-street, town-centre, destination, and on-route charging – at real scale and pace. We are very excited about the opportunity in front of us and are proud to support Believ as it helps build the infrastructure backbone of a net zero Britain.”
Zouk Capital is the manager of the UK Government-anchored Charging Infrastructure Investment Fund (CIIF). With seven successful EV investments to date, Zouk is the leading private equity investor in the European EV charging space.
The government has pledged £2.3bn to help industry and drivers make a supported switch to EVs, with a £200m budget to help expand public charging and a dedicated Local Electric Vehicle Infrastructure (LEVI) Fund of £381m for local authorities in England. Combined with the billions of pounds being unlocked from private investors, demonstrated by Believ’s latest financing, the UK’s public charging network will continue to see record growth and will help to ensure that EV drivers can charge their vehicles conveniently.
For Believ much of the investment will be dedicated to on-street, residential locations designed to help drivers without off-street parking transition to EVs. Significant funding will also be allocated to rapid and ultra-rapid charging hubs as well as rural, underserved locations, ensuring that the switch away from petrol and diesel cars leaves no one behind.