Octopus Invests in UK’s EV charging infrastructure
Octopus Energy Generation today announces its first investment in the UK’s electric vehicle (EV) charging infrastructure, helping accelerate the country’s transition to green, electric transport.
Octopus Energy Generation is earmarking up to £110m on behalf of its Sky fund (ORI SCSp) in Manchester-based EV public charging network Be.EV to scale and install new charge points across the UK.
Octopus Energy already supplies all of Be.EV chargers with 100% green electricity. The deal will help grow Be.EV’s 150-strong public charge point network, with Be.EV committed to adding 1,000 further charge points across the North of England and beyond by 2024. The move will increase the firm’s charge point coverage by over 600%.
Public EV charge points are currently unevenly distributed in the UK, skewed towards London*. Octopus’ backing means Be.EV, which already operates Greater Manchester’s largest public EV charging network, can address this imbalance at speed. Its unique model builds concentrated, community-based charging networks where they’re most needed to ensure more equitable access to public chargers and instil confidence in going electric.
Octopus Energy Generation is one of Europe’s largest renewable energy investors. This deal is part of its strategy to invest in high-growth companies driving the energy transition, and further deals outside of renewable generation assets are already in the pipeline.
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