Electric vehicle public charge-point provider Be.EV has secured £55 million in funding to expand its current network to more than 1,000 points.

The company, which says its vision is to create a fair, future-proof infrastructure legacy that will sustainably accelerate the UK’s EV revolution across the country, currently operates around 300 rapid and ultra-rapid charge points, mainly centred on Manchester but expanding across the UK.

The new funding, provided by NatWest and the German KfW IPEX-Bank, will both aid the expansion of the current network to more than 1,000 points by the end of 2024, and set the stage for future investment for the wider EV charging industry.

According to Be.EV there are currently only 5,336 locations in the UK offering rapid and ultra-rapid charging, serving more than one million electric vehicles (EVs).

Commenting on the investment, Be.EV CEO Asif Ghafoor said that it marks a pivotal moment for an emerging sector where bank investment has been challenging.

“The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles,” Ghafoor said.

“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate.

“It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”