Char.gy, a London-based innovator in EV charging, has secured a £100 million investment to expand its on-street charging network.
The funds, sourced from the Charging Infrastructure Investment Fund managed by Zouk Capital, aim to bolster the UK’s transition to electric vehicles.
The latest funding will strategically enhance the Local Electric Vehicle Infrastructure Fund (LEVI), ensuring widespread equitable access to electric vehicle charging points across the UK. This critical financial injection will bolster the establishment of public on-street charging infrastructure over the next five years, crucial for the 40% of UK households lacking off-street parking.
Currently, there are approximately 60,000 public charge points throughout the UK. This expansion will significantly contribute towards accommodating 1 million drivers reliant on public charging solutions.
Long-term investors are integral to meeting the UK’s Net Zero 2050 goals, aiding a significant shift from fossil fuels to electric transport options.
Capable of deploying over 500 charge points monthly, the company aims to meet an estimated requirement of 300,000 public chargers by 2030.
CEO John Lewis stated that Zouk Capital’s support will further enable the company to expand its network, making sustainable transport accessible to more individuals.
The company’s mission is to establish parity in EV adoption between individuals with and without off-street parking.
Char.gy’s efforts underscore its critical role in the UK’s shift towards sustainable energy use and achieving its Net Zero 2050 targets.
Securing a £100 million investment marks a pivotal step for char.gy in expanding its EV charging network.
The move supports the UK’s green transition, fostering an environment conducive to widespread EV adoption.
