Charging developer, The EV Network (EVN) and London-based clean energy investor, Sustainable Development Capital (SDCL) have agreed an initial GBP50m (US$59m) investment out of a total of GBP200m to develop charging stations.
The initial commitment will be drawn down from the SDCL Energy Efficiency Income Trust, managed by SDCL, into qualifying projects.
Go deeper with GlobalData
EVN plans to use the initial commitment to develop around 100 locations, each with multiple ultra-fast charge points.
"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 UK electric vehicle sector," said EVN chairman, Lord Gregory Barker.
For his part, SDCL CEO, Jonathan Maxwell added: "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 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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFounded in 2017, The EVN is an independent EV charging infrastructure development company.
