Charge point operator Believ secures £300m investment

The British CPO says it will use the investment to install at least 30,000 public charging points across the UK. It has been backed by Believ's joint owners as well as four retail and infrastructure financing banks.

Believ is jointly owned by Liberty Global and Zouk Capital, who will be providing the funding in partnership with Santander, ABN Amro, Natwest and MUFG. Zouk Capital in fact manages the UK government-backed Charging Infrastructure Investment Fund (CIIF), which along with the government Local Electric Vehicle Infrastructure (LEVI) fund, has privately supported the growth of the UK public charging network.

There’s no word yet on where the new Believ chargers will be located, but the company confirmed that the investment will be geared towards on-street chargers in residential locations to support drivers without off-road parking. On top of this, the company will invest in rapid and ultra-rapid charging hubs.

Believ offers three main charging tariffs depending on the charger available. ‘Fast’ charging costs £0.56/kWh , ‘Rapid’ costs £0.66/kWh, while ‘Ultra rapid’ costs £0.66/kWh. The power output of each charge point varies depending on the location, but the company states its ‘Fast’ tariff covers up to 22kW of power while Rapid covers 50kW+. Each charging point is dual socket, so the total output will vary depending on whether one or two vehicles is charging at once.

Massimo Resta, Partner at Zouk Capital, commented: “The EV market is at an inflection point. EV penetration is expected to accelerate driven by the arrival of new mass-market vehicles at attractive price points. The EV charging rollout required to support the transition needs long-term private investment with strong partners. With this level of funding, Believ has the commercial strength, operational expertise, and local insight to deliver what communities and landowners need – on-street, town-centre, destination, and on-route charging – at real scale and pace.

In April, Believ secured a LEVI funding tender from Suffolk County Council to deliver 6000 new charge points in the county. Additionally, it is also in the process of rolling out 22kW charge points at Luton Council’s six residential car parks.

believ.com