EO Charging wins capital to further global expansion
British EV fleet solutions provider EO Charging has announced securing around $80 million in investment to primarily push its US expansion. EO serves clients like Amazon, Uber, DHL and Tesco and has been listed among the fastest-growing companies by the FT.
Founded in 2014, EO Charging says it has deployed over 80,000 chargers to businesses and consumers. In 2022, it ranked 45 on the Financial Times’ FT1000 list of Europe’s fastest-growing companies for the second year.
While oriented globally, the company is mostly known for its stronghold in the UK and says it takes a leading position here. For example, EO Charging and eEnergy, in March 2022 announced plans to install at least 50,000 charge points at British schools, colleges and universities by 2030.
However, the company states plans to go beyond the UK and further its fleet charging solutions business in North America, where it reportedly launched in early 2022.
The $80 million (over £66 mn) in equity investment announced today comes through Vortex Energy, an energy transition investment firm, and Zouk Capital, a private equity and infrastructure fund working with EO since 2018. Zouk also manages the UK Treasury’s £420m Charging Infrastructure Investment Fund (CIIF).
For EO Charging, the two investors will support its “path towards global leadership in EV fleet charging,” writes the company.
Charlie Jardine, Founder & CEO of EO Charging, added they were “super excited” to welcome the investors. “The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets like North America.”
EO Charging offers AC and DC hardware and cloud-based management software to depot installations, grid connections, and 24/7/365 operations and maintenance service.
They launched the latest generation of EV chargers, the EO Genius 2 and EO Mini Pro 3, in June 2022 and most recently announced a new multi-source financing and services platform, MOBILITe. EO says the new initiative would help fleets accelerate EV adoption via a fixed-price as-a-service solution.
The company distributes its hardware to over 35 countries.