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.

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."

Founded in 2017, The EVN is an independent EV charging infrastructure development company.