London-based EV charging company Char.gy has received £100M (approximately €118.25M) commitment from the Charging Infrastructure Investment Fund (CIIF), to expand its on-street charging network across the UK in the next five years.
According to the UK-based company, this development will address the needs of over 11 million UK households, approximately 40 per cent of the total, who currently lack access to off-street parking facilities.
Since its inception in 2016, Char.gy claims to have become a key partner for UK councils, helping install public charge points funded by the CIIF—a £420M (approximately €496.87M) public-private fund initiated by the UK Government in 2019 and managed by Zouk Capital.
Char.gy initially invested £6.4M in 2021, followed by a second round in 2022 totalling £65M, and now secured a third round, bringing their total investment to £100M aimed at accelerating EV charging infrastructure deployment nationwide.
George Ridd, Partner at Zouk Capital, says, “Zouk’s increased commitment to Char.gy 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 Char.gy’s mission. Well-capitalised providers like Char.gy 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,” adds Ridd.
Capital utilisation
The funds will expedite char.gy’s deployment of public on-street charging infrastructure across the UK over the next five years.
The company plans to expand its current network of over 3,000 charge points to 100,000 by 2030, facilitating the transition for up to 1 million drivers. The current presence of nearly 60,000 public charge points in the UK underscores the scale of Char.gy’s growth plans.
Char.gy maintains a network availability exceeding 99 per cent. Since 2018, starting with Marlow, Buckinghamshire, the company has “consistently delivered robust” on-street EV charging networks.
With the capacity to deploy over 500 charge points monthly, Char.gy is accelerating to meet the UK’s anticipated need for 300,000 public chargers by 2030.
This expansion aims to reduce reliance on fossil fuels, cutting CO2 emissions and pollutants for cleaner, healthier UK communities.
John Lewis, Char.gy’s CEO, says, “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,” adds Lewis.
Brief about Char.gy
Founded by Richard Stobart, Char.gy is a provider and operator of electric vehicle (EV) charge points in the UK, managing a network of over 3,000 public charging stations.
The company’s commitment lies in offering reliable, convenient, and affordable charging infrastructure accessible to all, particularly addressing the needs of the 40 per cent of UK households without private driveways who rely on public charging solutions.
Char.gy aims to accelerate the transition to sustainable transport. Its vision for 2030 is to simplify and enhance EV use for over one million drivers by delivering a dependable public charging service, thereby contributing to a sustainable future.