Believ secures £300m investment to add 30,000 UK public EV charge points
Believ, an electric vehicle (EV) charge point operator, has received an investment of £300m ($406.8m), aimed at expanding the UK's public EV charging infrastructure.
This move is set to add at least 30,000 new charge points across the country, enhancing drivers' access to public EV charging facilities.
The investment is spearheaded by Believ's joint owners, Liberty Global and Zouk Capital, a private equity investor in EV charging, in conjunction with four major banks—Santander, ABN Amro, NatWest, and MUFG.
This financial boost is a strategic move to support the UK government's goal of reaching 300,000 public charge points by 2030, a substantial increase from the current figure of over 80,000.
Believ chairman Jonathan Pearson and Liberty Global's Liberty Growth CFO said: 'The funding announced today demonstrates the potential of partnering with the public sector in the UK to create the critical EV charging infrastructure required for a greener future.
"With Virgin Media O2 on board as a delivery partner and leveraging Liberty Global's financing expertise, we look forward to Believ rolling out much-needed EV charge points throughout the UK.'
Believ is set to partner with public and private sector entities to ensure the optimal placement and implementation of charging solutions.
The investment is expected to benefit local communities by promoting EV adoption, thereby improving air quality and reducing transport-related carbon emissions.
The UK government has committed £2.3bn to support the industry and drivers in the transition to EVs, with a £200m budget allocated for public charging expansion and a dedicated Local Electric Vehicle Infrastructure (LEVI) Fund of £381m for local authorities in England.
UK Minister for the Future of Roads at the Department of Transport MP Lilian Greenwood added: 'We're working hard to ensure all drivers can charge easily and conveniently – no matter where they are. Believ's investment is a brilliant vote of confidence in the transition to electric and another fantastic example of Government and industry working together to roll out tens of thousands of chargepoints across the country.
'We're delivering our Plan for Change by investing over £2.3bn to help industry and consumers make a supported switch to EVs, alongside securing international trade deals and backing British carmakers to drive investment, protect jobs and put money in the pockets of working people.'
A significant portion of Believ's investment will focus on on-street residential charging points, aiding drivers without private parking facilities in their switch to EVs.
Additionally, funds will be directed towards establishing rapid and ultra-rapid charging hubs, as well as enhancing infrastructure in rural and underserved areas.
"Believ secures £300m investment to add 30,000 UK public EV charge points" was originally created and published by Just Auto, a GlobalData owned brand.
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