Telematics Wire: The EV Network signs £50 million investment to develop ‘next generation’ of EV charging hubsGeneral/ 10 August 2020
The EV Network, (EVN), a leading independent developer of high-powered EV charging stations, has secured funding for the construction of its first round of projects. The initial £50 million commitment is the first stage of an up to £200 million programs of project investment and will be provided by clean energy investor Sustainable Development Capital (SDCL). The initial commitment will be drawn down from the SDCL Energy Efficiency Income Trust plc (SEIT.LN), managed by SDCL, into qualifying projects. This will help EVN achieve its target of building out a network of high-powered EV charging hubs across the UK. EVN plans to use the initial commitment to develop around 100 locations, each with multiple ultra-fast charge points.
Lord Barker, Chairman of EVN said: “Securing this substantial project level funding isn’t just great news for EVN and all our stakeholders but a terrific shot in the arm for the whole U.K. electric vehicle sector. Industry leader EVN will now roar out of the Covid lockdown and look to drive the roll out of our state-of-the-art fast charging stations faster than Lewis Hamilton. This is private sector green recovery at its most promising.”
Reza Shaybani, Co-Founder & CEO of EVN said: “I am delighted that we have achieved this important milestone in our company. Our unique business model offers Charge Point Operators (CPOs) a fully funded, turn-key solution to high-powered EV charging. This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future. Public demand for cleaner air, long-term and prudent Government policies alongside the automotive industry’s shift from ICEs to EVs will make the transition towards a cleaner and greener future of mobility possible. I must congratulate our exceptional team for this outstanding achievement, especially in the current economic climate.”
Sam Shaybani, Co-Founder & Director of EVN added: “There is absolutely a revolution taking place within the automotive and wider mobility sector as we try to move away from using petrol and diesel and push towards using electrons as our source of fuel. It is so important that we now begin to accelerate this transition as we all know the massive climate challenge facing us, and I completely believe that this investment will boost the shift to e-mobility. Since 2017, a lot of hard work has gone into getting the company to this moment, we have big aspirations and cannot wait to begin this new era of the company’s growth.”
Jonathan Maxwell, CEO of Sustainable Development Company (SDCL) said: “There is a growing need for charging infrastructure in the UK as we transition towards more efficient fuel choices that reduce harm to our environment, that are cost-effective and reliable. EVN’s unique business model offers Charge Point Operators (CPOs) charging infrastructure as a service, making high-powered EV charging hubs available for use at high-quality locations nationwide. This fits our model of investing in availability-based services with strong counterparties.”