“Substantial” investment for Engenie

London-based electric vehicle charging specialist Engenie has received a “substantial” capital investment from Investec, which it says will enable it to reach its network target of 1,500 rapid chargers across the UK.

Engenie’s technology can charge a car in less than 30 minutes – and it says this will fall to 10 minutes with the introduction of “ultra-rapid” chargers. The company says its current rapid chargers are up to 16 times faster than standard points.

Engenie is partnering with commercial property owners and local authorities to develop its network of charge points “strategically located throughout major centres and trunk routes”. Locations will include retail parks, supermarkets, hotels, restaurants, petrol stations, commercial developments and on-street charging and the stations are “free for landlords, with no reliance on Government subsidies”. The company says it will make its money by charging drivers “a straightforward per-kWh charging rate, which covers the infrastructure and ongoing costs”.

In a statement issued on Thursday (19 April), Jeremy Littman, Founder and Managing Director of Engenie, commented: “Investec has demonstrated considerable confidence in both our business model and the technology which underpins Engenie’s approach.

“Our in-house team has extensive expertise in real estate and retail, and we’ll also be working closely with fleet managers to facilitate a transition to electric vehicles, without the need for costly investment.

“We are working with a number of private and public landlords to continue the rollout of our market-leading EV charging points at multiple locations, and we’re looking forward to working closely with Investec in the months to come.”

Maurice Hochschild of Investec added: “Electric vehicles address significant pollution problems in major cities, and will in future be cheaper for consumers than traditional combustion engine vehicles. We expect EVs to be a major factor in the fourth industrial revolution and a significant contributor in helping to improve the environment in which we live.

“Investec is pleased to be working with Engenie as a consumer-focussed charging provider. We intend to help them grow to be a leading, national provider of public, rapid EV chargers in the UK. This will help overcome one of the hurdles to private and commercial adoption of EVs, and this funding round represents a strategic investment in an early pioneer in an area which will shape the future of transport.”

Engenie has also announced that it will be working with Capita Real Estate and Infrastructure, which will be acting as a Programme Manager.

Simon Reeves, Director, Technology, Capita Real Estate and Infrastructure said: “This is an exciting time to be partnering with Engenie. We recognise that our local authority clients need to be dealing with lowering emissions and providing the necessary infrastructure for fast electric vehicle charging in their cities and regions. This is a great fit alongside our existing intelligent transport systems consultancy work that provide systems and technology for highways infrastructure across the UK.”