UK electric charger startup raises $80m to take on the US
EO Charging has raised $80 million to expand its electric vehicle charging technology across Europe and into North America.
The company already provides over 80,000 systems for some of the world’s largest fleet operators, including Amazon, DHL, Go-Ahead, and Tesco.
The company was founded in 2014 by Charlie Jardine and is focused on smart charging solutions for electric car, van, truck and bus fleets. It has an end-to-end system from smart fleet consultations, AC and DC hardware and cloud-based management software to depot installations, grid connections, and 24/7/365 operations and maintenance service.
- European project to standardise EV charger technologies
- European tech drives boost to US EV charging infrastructure
- £1.6bn plan to boost EV chargers in the UK
In 2022, EO launched its latest generation of EV chargers, the EO Genius 2 and EO Mini Pro 3, and most recently announced it has created a new multi-source financing and services platform, MOBILITe. The new initiative will help fleets accelerate EV adoption via a fixed-price as-a-service solution, eliminating upfront capital investment while optimising EV savings.
The funding from Vortex Energy and existing investor Zouk Capital.
Vortex Energy is a global energy transition investment firm that has invested around €300m in Ignis Energia to fund growth plans and transform Ignis into a fully integrated renewable IPP in Spain and other geographies.
This latest round of fundraising was led by Zouk Capital, one of the UK’s leading investors in EV charging, which has been working with EO since 2018. Zouk is particularly experienced in investing and scaling electric vehicle charging infrastructure and manages the UK Treasury’s £420m Charging Infrastructure Investment Fund (CIIF).
“We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital. The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets like North America,” said Jardine.
“The transition to electric vehicles remains one of the most pressing challenges of our generation. Businesses everywhere are under pressure to move to a zero-emission fleet fast and require innovative solutions and trusted suppliers. EO has quickly established itself a leadership position in this emerging space. We have the funding and service offering to develop that leadership on a global scale as the market continues to grow and grow. I’m confident EO is in a strong position for 2023 and beyond.”
“EV charging is a fascinating transformational industry. Major investments in charging infrastructure are needed to pave the way for a carbon-neutral world. Vortex is extremely happy to have partnered with EO as one of the leading providers of charging solutions in Europe. We are highly committed to supporting EO’s growth path alongside Zouk Capital, a reputable partner with a stellar track record,” said Karim Moussa, CEO of Vortex Energy.
“The team at Zouk is extremely happy to continue to support EO and to partner with Vortex to help further develop EO’s global leadership position in EV fleet charging. EO is an exciting company – it dominates the fleet sector, and is growing rapidly in the truck and bus sectors. It is clear that EO has a very special opportunity ahead of it as the transition to net zero accelerates,” said Colin Campbell, Partner, Zouk Capital
www.EOcharging.com; www.vortexenergy.ae; www.zouk.com
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