Believ, an energy tech company based in London, has secured a £300m investment facility to install a minimum of 30,000 electric vehicle (EV) charge points across the UK.
The UK is in the midst of a large-scale shift from petrol and diesel vehicles to EVs, with current plans aiming for the sale of fossil-fuel powered cars to be phased out by 2035.
As part of the initiative, the government has been scaling up EV infrastructure through public and private investments. A target has been set for the UK to roll out 300,000 public charge points by 2030, with the current figure closer to 80,000.
Believ chief executive Guy Bartlett said the new funding “recognises the scale of investment required and the urgency of the need”.
Bartlett added: “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.”
The company will be partnering with public and private sector organisations to deliver these charging solutions.
The government has so far pledged £2.3bn to help industry and drivers make the switch to EVs, including a £200m budget to expand public charging infrastructure and a dedicated £381m fund for local authorities to do the same.
“We’re working hard to ensure all drivers can charge easily and conveniently – no matter where they are,” said Lilian Greenwood, a minister in the Department of Transport.
“Believ’s investment is a brilliant vote of confidence in the transition to electric and another fantastic example of government and industry working together to roll out tens of thousands of charge points across the country.”
The capital injection came from Believ’s joint owners Liberty Global and Zouk Capital as well as Santander, ABN Amro, NatWest and MUFG.
“This landmark investment is a major moment – not just for Believ, but for the UK’s electric future,” said Massimo Resta, a 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.”
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