1,000 new EV chargers to be funded by Octopus Energy

Renewable energy group Octopus Energy has announced its first investment into the UK’s electric vehicle (EV) charging infrastructure, funding 1,000 new EV chargers.

These will be installed in the north of England by 2024, filling a crucial gap in EV charging infrastructure, as government data shows most charging points are concentrated in London.

The £110 million fund from Octopus Energy Generation will be used to strengthen Manchester EV public charging network Be.EV and to install charge points across the UK.

There are currently 150 Be.EV chargers across Manchester which are powered with green energy, with these new plans set to grow the company’s coverage by 600%.

Asif Ghafoor, CEO and co-founder of Be.EV, said: ‘Everybody, not just the wealthy, must be able to make the switch to electric cars but currently people who live outside London or in less affluent areas are underserved by public EV charging. If you live in a flat or terrace, you can’t charge at home. This investment addresses that imbalance and helps kickstart a national infrastructure effort that, for once, doesn’t start in London.’

Ghafoor said he hopes the investment will encourage more people to transition to EVs and will help to address the ‘imbalance in charging provision across north and south, urban and rural communities.’

Octopus Energy Generation, one of Europe’s largest renewable energy investors, also plans to advance further into EVs soon.

Its Electric Universe roaming service currently allows customers to access over 310,000 public chargers across the globe through a card and app. Be.EV will be joining the service alongside more than 460 charging brands.

Matt Setchell, co-head of Octopus Energy Generation’s fund management team, commented: ‘Our first foray into funding EV charging infrastructure is a significant milestone. We’re accelerating the green energy transition, with more deals coming up to turbocharge it. As a nation, we need to rapidly build more EV charge points to meet the growing number of drivers going electric. Easy and fair access to chargers will help phase out petrol-guzzling cars once and for all.’

Photo by Maxim Hopman