The investor is the Octopus Group, which is best known as one of the biggest suppliers of energy in the UK
An investment firm has bought a significant stake in Weev, a company which is developing an electric car charging network in Northern Ireland (NI).
Weev stated the deal would permit them to raise the scale of their plans.
The investor is the Octopus Group, which is best known as one of the biggest suppliers of energy in the UK.
It also has an investment arm that focuses on sustainable energy and infrastructure projects.
The deal with Weev is the first investment for the Octopus Sustainable Infrastructure Fund (OSIF); a fund backed by the UK Infrastructure Bank.
Weev was set up by NI businessmen Dominic Kearns and Thomas O’Hagan in 2022 with the goal of creating NI’s biggest privately operated electric vehicle (EV) charging network.
Philip Rainey, the chief executive of Weev, stated the deal would allow for ‘a vital expansion to the size and scope of the rollout we announced at launch in 2022’.
We can now improve our focus on providing more rapid and ultra-rapid charging centres, Rainey further said.
Lukasz Michalak, investment director at Octopus, stated the Octopus Sustainable Infrastructure Fund is focused on investing growth capital into sustainable infrastructure businesses tackling climate change and supporting levelling-up aspirations across the UK.
Weev is the best example of the next generation of infrastructure firms doing just that, Michalak added.
NI presently has the lowest rates of public charging devices for electric vehicles in the UK.
According to data from the UK’s Department for Transport, there were 19 charging devices per 100,000 persons.
Earlier in 2023, ESB stated it would start charging for the use of its chargers as part of plan to enhance the service.