Par Equity invests £2.5m into Fuuse, an Electric Vehicle Charging Startup
An early stage venture capital firm, Par Equity, invested £2.5M into Lancaster-based Fuuse to help fund their EV charging management software.
Established in 2021, Fuuse's software empowers operators to control their electric vehicle charging infrastructure, including access, usage times and fees.
Michael Gibson, the head of Fuuse, declared that their company is seeing quick development in their enterprise EV charging solution, which is regarded as the market leader. Moreover, they are making their way to success and have a full list of upcoming projects that will be made public soon.
The charging management software of Fuuse has already been put into use by SSE, British Airways and United Utilities for their electric vehicle chargers.
In January, the Department for Energy Security and Net Zero granted the mobility startup almost £200,000 in grant funding for its DC microgrid solution. As a result, the startup has now received additional funding.
Par Equity's senior investment manager, Alastair Moore, noted that it is critical for EV infrastructure owners and operators to be well-prepared to meet the requirements of drivers while also managing the energy requirement of the grid as EV adoption accelerates.
Fuuse has allocated £2.5m in order to increase their presence in the UK and Ireland and to break into overseas markets by the end of the year. In addition, they plan to augment their sales and support teams.
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