EO closes major funding round in the UK

British charging infrastructure provider EO Charging has completed a major investment round, worth a total of £25 million, as well as an increased debt facility with HSBC. The company also has completed its planned exit from the US market.

EO Charging has completed a £25 million shareholder-led recapitalisation. The investment round is on the tail of a major strategic restructuring, which saw the above-mentioned exit from the US market. Furthermore, the market shift also included the sale of EO Charging’s domestic charger hardware and manufacturing business to Cogent Technologies, which is part of the Heathpatch Group. Now, the company aims to focus more on “software, services and infrastructure-as-a-service (IaaS) for commercial fleets and heavy goods vehicles.” This means that the company is now aiming to provide scalable fleet-charging solutions across the UK and Europe for trucks and buses.

The charging company had initially announced its expansion to the USA in 2021, when another funding round was done for the move. Business in the USA was then launched in the following year.

“This investment underscores our shareholders’ confidence in EO’s evolved strategy and long-term vision. We are doubling down on what we do best: delivering reliable, commercial-grade charging infrastructure and intelligent software that helps fleets electrify and perform at scale,” explained Richard Staveley, CEO at EO Charging, adding: “By sharpening our focus on the UK and European markets, and exiting hardware manufacturing through the sale of our manufacturing business to Cogent Technologies, we are ensuring EO remains agile, capital-efficient, and relentlessly committed to improving fleet performance and delivering customer value.”

EO charging was founded in 2014 and describes itself as a “global pioneer in charging and software solutions for electric vehicle (EV) fleets.” Since then, the company has launched multiple cooperation agreements with companies, including the London Electric Vehicle Company and Tesco. Furthermore, EO serves clients like Amazon, Uber and DHL.

eocharging.com