An electric vehicle charging network provider has appointed accountancy giant EY to help attract new investment worth £100m.
Manchester-headquartered Iduna, which runs Be.EV, is hoping to use the extra funding to fuel its plans for an accelerated expansion of EV charging infrastructure across the North.
Last year, the business raised £4m from retail investors through ethical investment platform Abundance to fund an initial tranche of 50 chargers to be installed in the first half of 2022.
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A second round, also through Abundance, is underway to raise £6.5m for another 65 chargers. It currently stands at £2.2m raised from over 1,300 individual investors.
A company statement said: "The EY engagement seeks to ramp up funding significantly, aiming for a commitment of £100m, to support Iduna’s business plan and pipeline beyond the initial phases and deliver currently secured sites and an accelerated network expansion in 2022 - to build a dense, unified network of destination chargers and on-the-go hubs, making it easy for motorists to switch to electric."
Chief executive Asif Ghafoor added: "The speed of our roll-out, and the development of a more accessible network is driving the need to seek further investment. To scale the EV charging infrastructure in the region at the pace required, we are thinking and investing bigger.
"Our pipeline is growing fast and the EY team will help us bring in the investment we need to deliver it. We’re delighted to have such an experienced team on board."
Louise Shaw, EY partner, energy infrastructure and corporate finance, added: "Given the need for rapid deployment of public EV charging in order to meet the UK's net zero targets, we are pleased to be supporting Iduna in this fundraising process and are excited to be a part of their journey in delivering much needed charging infrastructure in the North and the wider UK.
"Iduna and Be.EV have a unique approach to operating and building out an accessible charging network, working with communities to develop long range EV strategies. This makes them stand out in the market.
"This engagement builds upon EY’s experience in the e-mobility and wider energy transition sectors and is a great example of EY’s commitment to supporting clients in the sustainability agenda."
