Be.EV is among the UK’s fastest growing electric vehicle (EV) charging networks, established in Greater Manchester in 2019 and now operating across the UK. The employee-owned company currently manages a network of over 700 live charge points with an additional 300 being installed to go live by the end of 2024. The expansion will serve communities across the country who don’t currently have access to rapid and ultra-rapid charging. 

Most of Be.EV’s chargers will be capable of charging a typical EV to 80% in 20 minutes, and are available to all members of the public with the Be.EV app or RFID card. While those who have signed-up for free membership, enjoy reduced rates when charging their EVs. 

The Be.EV network uses renewable energy supplied by Octopus Energy, to further support the shift towards a more sustainable transport system. Octopus Energy Generation, not only supply the energy but have become a major shareholder through their £110 million investment in the Be.EV business.

Recently, Be.EV approached us to discuss funding options for the planned expansion of its charging network, and based on those discussions and their growth strategy, NatWest, together KfW IPEX-Bank, agreed to support with a £55 million funding package.

Asif Ghafoor, CEO of Be.EV, said: “This financing serves as a big vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind on the transition to electric vehicles. This sizeable commitment, combined with the fact that Octopus Energy Generation is now our majority shareholder, paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate.”

Bruce Riley, Head of Energy Transition at NatWest, commented: “We are determined to play an active role in the UK’s transition to a low carbon economy, and accelerating the take up of electric vehicles is a crucial part of this journey. Therefore, we are delighted to support Be.EV with this financing which will drive the growth of its UK public charging network. This deal is another example of delivering on our commitment to help building a greener economy by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”