Manchester's Be.EV Secures £55M Funding to Boost Rapid EV Charging in Local Communities

Manchester's electric vehicle charging network, Be.EV has secured a substantial £55 million debt raise from NatWest and the German KfW IPEX-Bank. Established in Greater Manchester in 2019, Be.EV has rapidly become the UK's fastest-growing EV charging network. Initially focused on Greater Manchester, the company now extends its operations nationwide. Currently, Be.EV manages over 700 live charge points, with an ambitious plan to add more than 300 additional charge points by the end of 2024.

Only 5,336 locations in the UK offer rapid and ultra-rapid charging, serving over one million EVs, most of which are within the M25. Be.EV is determined to change this by making EV charging accessible to local communities nationwide.

By the end of 2024, Be.EV aims to operate over 1,000 publicly accessible rapid and ultra-rapid charge points nationwide. This expansion will benefit communities throughout the UK that currently lack access to such advanced charging facilities. Most new installations will be ultra-rapid chargers capable of charging a typical EV to 80 percent in just 20 minutes.

The newly raised funds will also help Be.EV solidify its presence in Manchester and the North West, where it has already installed over 600 charge points catering to the region's one million registered plug-in vehicles.

Powered by renewable energy from Octopus Energy, the UK's largest electricity supplier, these chargers will support the transition to a completely green transport system, underscoring Be. EV's commitment to sustainability.

Asif Ghafoor, CEO of Be.EV, said: 

"The financing from NatWest and 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."

According to Andreas Ufer, Member of the Management Board of KfW IPEX-Bank: "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."