The UK rapid charging network Engenie has announced plans to double the number of their EV chargers in the UK by 2024. More than 2,000 rapid charging points will be funded by a £35 million investment from the Cube Infrastructure Fund II.
Effectively, this means Engenie will have to install over 2,000 rapid charge points in the next five years. The locations included are mainly accessible public sites, such as supermarkets and retail parks. Ian Johnston, Engenie’s CEO, explains the decision to commit to a larger scale network now as follows: “The EV market is marching into the mainstream. Private companies are now seizing the EV investment opportunity and nearly 75% of car buyers are considering an EV as their next vehicle.”
Once completed, the network is estimated to serve about 5 million EVs annually, as well as eliminating up to 25 tonnes of NOx. The money for the expansion effort is coming from the Cube Infrastructure Fund. According to Bloomberg, “the fund seeks to invest in public-private partnership projects in the transportation, telecommunications, energy, utility, environment, electric power by solar energy, electric power by wind energy, electric power distribution, accommodation sectors, and other utilities,” making this prime real estate for the investment fund.
Cube’s CEO Renaud de Matharel sees much potential in electrified transportation: “With transportation representing about 40% of total energy consumption in the UK and air pollution becoming a fast-growing concern, we see new mobility solutions as a critical factor in achieving energy transition targets and implementing climate change policies.”
Engenie has been working to increase charging infrastructure in the K. Among the recent initiatives is a partnership with British pub operators Marston’s Inns and Taverns, in order to install 400 fast-charging stations at their pubs with 50 kW capacity (we reported).
Additional reporting by Nora Manthey.