Engenie, a London-based company specialising in electric vehicle (EV) rapid charging, has received a substantial capital investment from Investec, which will allow the business to reach its network target of 1,500 rapid chargers across the UK.
Engenie’s innovative and market-leading technology can charge a car in less than 30 minutes, which will fall to 10 minutes with the introduction of ultra-rapid chargers. Current rapid chargers are up to 16 times faster than standard points, helping to make EVs more practical for UK drivers.
The demand for EVs has grown considerably in recent years, with over 135,000 registered in the UK (January 2018, SMMT). However, the supporting rapid infrastructure has been growing at a slower rate than EV ownership since 2015, resulting in concerns for its ability to enable ongoing, increasing uptake. As manufacturers develop vehicles with larger batteries and longer range, rapid charging points will become critical to meet consumer demand.
The Government has also provided greater support for ultra-low emission vehicles with the creation of Clean Air Zones and a new £400m Charging Investment Infrastructure Fund, as well as the continuation of funding for the Plug-In Car Grant.
Engenie will lead the way in enabling clean transport and is partnering with commercial property owners and local authorities to develop a network of rapid, reliable 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.
Engenie rapid and ultra-rapid charging stations are free for landlords, with no reliance on Government subsidies. Engenie will charge drivers a straightforward per-kWh charging rate, which covers the infrastructure and ongoing costs.
A focus on efficiency and a positive user experience underpins Engenie’s approach, with consumers able to pay via contactless credit/debit card or Apple Pay, which also offers in-built financial security features. Engenie chargers have received unanimously positive feedback from customers.
Engenie gives commercial landlords the opportunity to offer their customers fast, reliable charging, helping to attract customers. It also helps local authorities needing to make a commitment towards carbon reduction and fleet owners seeking to transition to alternative fuelled vehicles.
Investec’s investment will allow Engenie to invest further in developing and installing the latest technology, including the introduction of its ultra-rapid charging points in the future.
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.”
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