KfW IPEX-Bank provides financing for Be.EV public charging network in the UK

KfW IPEX-Bank and NatWest have together provided £55 million of debt facilities to support Be.EV’s electric vehicle charging network rollout.

The funds will be used to accelerate the expansion of Be.EV’s charging network in communities across the UK who don’t have access to rapid and ultra-rapid charging yet. By the end of 2024 Be.EV plans to operate more than 1,000 publicly accessible corresponding charge points in these regions. The chargers will be powered by renewable energy from Octopus Energy.

With this financing, KfW IPEX-Bank underlines its commitment to contribute to the green transformation of the economy and society.

Andreas Ufer, Member of the Management Board of KfW IPEX-Bank, said: “We are glad to have won Be.EV as a new customer and thus help advance the e-mobility infrastructure in the UK. It is our mission to support the mobility transition with our financings in Europe and worldwide and drive the change towards decarbonisation in our societies.”

Asif Ghafoor, CEO of Be.EV, said: “The financing of KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles. This sizably paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the UK Government’s Zero-emission-vehicles by 2035 mandate. It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”

About Be.EV
Be.EV is the UK’s fastest growing EV charging network, established in Greater Manchester in 2019 and now operating across the UK. They currently manage a growing network of over 700 live charge points with an additional 300+ charge points being built for go-live across the UK by the end of 2024.

They are backed by £110 million from Octopus Energy Generation – a majority shareholder and one of Europe’s largest renewable energy investors. This green partnership is powering Be.EV to accelerate the UK’s EV revolution by installing reliable and accessible EV charging across the country.

www.be-ev.co.uk