4 days ago
‘Cable cowboy' to put 30,000 EV chargers on Britain's roads
'Cable cowboy' John Malone is bankrolling a deal to put 30,000 new electric vehicle (EV) chargers on Britain's roads.
Liberty Global, which is controlled by the US billionaire, is spearheading a £300m investment in charge point operator Believ that will improve public access to chargers across the UK.
The deal will deliver a major boost to the expansion of the UK's public charging network, which is a crucial factor in persuading drivers to switch to EVs.
The Government has set a target of reaching 300,000 public charge points by the end of the decade, but drivers currently only have access to around 80,000.
Believ will partner with both public and private sector organisations to roll out the new chargers where they are needed most.
Most of the investment will go towards on-street, residential locations to help drivers without off-street parking transition to EVs. Funding will also be allocated to rapid and ultra-rapid charging hubs, as well as rural locations.
Denver-based Liberty Global is controlled by Mr Malone, a Trump-supporting billionaire who is one of the largest individual landowners in the US.
The 84-year-old holds a number of US media and entertainment assets, including Formula One. He is also a shareholder and board member at Warner Bros Discovery.
An aggressive dealmaker, Mr Malone's holdings in paid TV and telecoms have earned him the nickname the 'cable cowboy'.
Expansion into EV charging represents a new market for Mr Malone but builds on his other business interests. Believ partners with Virgin Media O2, which is also jointly owned by Liberty Global, to deploy its charging infrastructure.
Guy Bartlett, the chief executive of Believ, said the funding 'recognises the scale of investment required and the urgency of the need'.
He added: 'Confidence in EVs will continue to grow as drivers see more infrastructure going into the ground.'
Figures published this week by the Society of Motor Manufacturers and Traders (SMMT) showed that one in five new cars sold in Britain were battery-powered.
Sales have been boosted by heavy discounting, but a rise in EV chargers is also starting to pay off. A record of nearly 3,000 charging devices were added to Britain's roads in April, equivalent to one every 29 minutes.
Lilian Greenwood, the roads minister, said: '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 charge points across the country.'
In addition to private funding, the Government has pledged £2.3bn to support the switch to EVs, with a £200m budget to help expand public charging and a dedicated £381m fund for local authorities.
Zouk Capital, the private equity firm that jointly owns Believ alongside Liberty Global, is also contributing to the funding, alongside banks Santander, ABN Amro, NatWest and MUFG.
