Fleet electrification specialist EO Charging has completed a £25 million shareholder-led recapitalisation to help finance its next phase of growth.
The funding, which includes an equity injection from Zouk Capital and Vortex Energy, follows a strategic restructuring, including EO’s planned exit from the US market and the sale of its domestic EV charger hardware and manufacturing business to Cogent Technologies.
This investment will accelerate the deployment of EO’s commercial-grade charging infrastructure and its flagship software and service offering, Charge Assurance, which provides fleet operators with end-to-end visibility, management, and energy optimisation tools.
It will also enable the introduction of company-wide efficiencies to streamline operations and support a more scalable platform-led business model.
EO, which has more than a decade’s expertise in EV charging infrastructure and management solutions, serves some of the world’s largest fleet operators, including Amazon, DHL, UPS, Tesco, GoAhead, Metroline, Stagecoach and FedEx.
This latest funding marks a pivotal moment for the company as it concentrates on its core strengths in software, services and infrastructure-as-a-service (IaaS) for commercial fleets and heavy goods vehicles.
Richard Staveley, CEO at EO Charging, said, “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.
“By concentrating our efforts 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.”
