Octopus Energy Generation has made its first investment in the United Kingdom’s electric vehicle (EV) charging infrastructure market.
Octopus Energy Generation has earmarked up to £110 million ($128 million) for Manchester-based EV public charging network Be.EV.
Octopus Energy already supplies all of Be.EV chargers with 100 percent green electricity. The investment will help scale Be.EV’s 150 public charge point network by installing new charge points across the United Kingdom. Be.EV has 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 more than 600 percent.
“Our first foray into funding EV charging infrastructure is a significant milestone,” said Matt Setchell, co-head of Octopus Energy Generation’s fund management team. “We’re accelerating the green energy transition, with more deals coming up to turbocharge it. As a nation, we need to rap