SEEIT has signed an agreement with Chargemaster (bp pulse), the UK’s largest operator of public electric vehicle charging points. As first announced on 6 August 2020, SEEIT made an initial £50 million investment commitment to The Electric Vehicle Network (EVN) as its development partner in EV charging infrastructure.
The agreement with bp pulse represents is expected to result in the development and construction by EVN of a significant number of rapid and ultra-fast EV charging locations, contracted through a 20-year, fixed price, CPI inflated Energy Service Agreement.
Development and construction of the charging stations is expected to start immediately, with the first sites targeted to be operational by mid to end of 2021, at which point they are expected to start generating availability-based revenues for SEEIT. EVN will also manage the operation and maintenance of all sites.
This national EV station roll out for bp pulse will include ‘hubs’ of between six to twelve chargers, as well as the next generation of ‘e-forecourts’ with up to 24 ultra-fast charge points (300KW) with on-site solar PV and battery storage systems. The e-forecourts will have both retail and convenience facilities for the drivers while they are waiting for their cars to be charged.
EVN plans to develop a further c.400 EV charging sites, and SEEIT has the right of first refusal to provide an additional c.£150 million in the next 24-36 months.
Commenting on the investment, Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said, “Electric vehicle sales in the UK are at an inflection point, making the immediate scaling up of high quality, rapid and widely available EV charging infrastructure of critical importance. This investment, in partnership with the Electric Vehicle Network, is a significant commitment to EV charging infrastructure in the UK and we look forward to supporting and enabling the market for sustainable and low carbon transport, helping to reduce pollution and greenhouse gas emissions.”
Reza Shaybani, Founding EVN Chief Executive, said, “As the largest Charge Point Operator in the market, bp pulse is a perfect partner for EVN to deliver the critically required national EV charging infrastructure. With our strong pipeline of hundreds more premium sites, this is one of several major contracts between EVN and charge point operators, with additional contracts to follow in the next few months.”
Matteo de Renzi, CEO of bp pulse, said, “We are building a charging network that will give consumers the confidence to make the switch to EVs, knowing they can get the charge they need in the right places. We’re taking another step forward in our commitment to make ultra- fast charging widely accessible across the UK, including in easy reach of the motorway network. These new hubs will complement bp pulse’s existing plans to expand the number of ultra-fast chargers on bp’s forecourts and it’s exciting to be launching this newadditional option for drivers.”