Ezo, the Ireland-based private EV charging network, has successfully closed a £128.5m investment-grade, non-recourse, senior debt facility to fund its expansion in the UK.
The funding will finance the deployment of about 3,000 charge points, representing more than 100,000kW of capacity, across the UK and Ireland, positioning the UK to become Ezo’s primary market by 2027.
These chargers will mainly be deployed under long-term public-private partnership (PPP) style concessions with Ezo handling the design, installation and maintenance of the sites.
The debt financing has been provided by a consortium of lenders including Aberdeen Investments and Standard Life.
Alongside the debt close, Ezo’s majority shareholder, Rubicon Capital Management, has increased its stake in the company to more than 60%.
Ollie Chatten, CEO of Ezo, said, “Our focus is on working with strong public and private sector partners to build charging networks at scale across Ireland and the UK.
“The backing of our investment partners gives us the financial strength to deliver on those commitments, continue investing in our people and technology, and pursue the next generation of opportunities in the EV infrastructure market.”
Conor Kelly, CEO of Rubicon, said, “This funding represents a significant vote of confidence in Ezo, its team and the long-term infrastructure partnerships Ezo has secured.
“We understand this to be the first example of the application of this framework of financing in the EV charging sector and it is expected to become the preferred method of financing this collateral going forward.”
