Electric vehicle (EV) charging firm Engenie has announced a substantial capital investment from Investec, which it says will allow it to reach its network target of 1,500 rapid chargers across the UK.
The firm says its technology can charge a car in less than 30 minutes, a figure set to fall to ten minutes once ultra-rapid chargers are introduced.
Engenie says it is partnering with commercial property owners and local authorities to develop a network of rapid, reliable charge points strategically located throughout major centres and trunk routes.
Locations will include retail parks, supermarkets, hotels, restaurants, petrol stations, commercial developments and on-street charging.
Engenie rapid and ultra-rapid charging stations are free for landlords, with no reliance on government subsidies.
Engenie will charge drivers a straightforward per-kW/h charging rate, which covers the infrastructure and on-going costs.
Users are able to pay using contactless credit and debit cards, and with Apple Pay.
Engenie founder and managing director Jeremy Littman said: “Investec has demonstrated considerable confidence in both our business model and the technology which underpins Engenie’s approach.
“Our in-house team has extensive expertise in real estate and retail, and we’ll also be working closely with fleet managers to facilitate a transition to electric vehicles, without the need for costly investment.
“We are working with a number of private and public landlords to continue the rollout of our market-leading EV charging points at multiple locations, and we’re looking forward to working closely with Investec in the months to come.”
Investec’s Maurice Hochschild said: “Investec is pleased to be working with Engenie as a consumer-focused charging provider.
“We intend to help them grow to be a leading, national provider of public, rapid EV chargers in the UK.
“This will help overcome one of the hurdles to private and commercial adoption of EVs, and this funding round represents a strategic investment in an early pioneer in an area which will shape the future of transport.”
