Electric Vehicle Charging Developer The EV Network and London Based clean energy investor Sustainable Development Capital have agreed an initial £50 million investment out of a total of £200 million to develop the EV charging stations of tomorrow
London — 6th August 2020 —
The EV Network, (EVN), a leading independent developer of high-powered EV charging stations, has secured funding for construction of its first round of projects. The initial £50 million commitment is the first stage of an up to £200 million program of project investment and will be provided by clean energy investor Sustainable Development Capital (SDCL). The initial commitment will be drawn down from the SDCL Energy Efficiency Income Trust plc (SEIT.LN), managed by SDCL, into qualifying projects. This will help EVN achieve its target of building out a network of high-powered EV charging hubs across the UK. EVN plans to use the initial commitment to develop around 100 locations, each with multiple ultra-fast charge points.
Lord Barker, Chairman of EVN said: “Securing this substantial project level funding isn’t just great news for EVN and all our stakeholders but a terrific shot in the arm for the whole U.K. electric vehicle sector. Industry leader EVN will now roar out of the Covid lockdown and look to drive the roll out of our state-of-the-art fast charging stations faster than Lewis Hamilton. This is private sector green recovery at its most promising.”
Reza Shaybani, Co-Founder & CEO of EVN said: “I am delighted that we have achieved this important milestone in our company. Our unique business model offers Charge Point Operators (CPOs) a fully funded, turn-key solution to high-powered EV charging. This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future. Public demand for cleaner air, long-term and prudent Government policies alongside the automotive industry’s shift from ICEs to EVs will make the transition towards a cleaner and greener future of mobility possible. I must congratulate our exceptional team for this outstanding achievement, especially in the current economic climate.”
Sam Shaybani, Co-Founder & Director of EVN added: “There is absolutely a revolution taking place within the automotive and wider mobility sector as we try to move away from using petrol and diesel and push towards using electrons as our source of fuel. It is so important that we now begin to accelerate this transition as we all know the massive climate challenge facing us, and I completely believe that this investment will boost the shift to e-mobility. Since 2017, a lot of hard work has gone into getting the company to this moment, we have big aspirations and cannot wait to begin this new era of the company’s growth.”
Jonathan Maxwell, CEO of Sustainable Development Company (SDCL) said: “There is a growing need for charging infrastructure in the UK as we transition towards more efficient fuel choices that reduce harm to our environment, that are cost effective and reliable. EVN’s unique busines model offers Charge Point Operators (CPOs) charging infrastructure as a service, making high-powered EV charging hubs available for use at high quality locations nationwide. This fits our model of investing in availability-based services with strong counterparties.”
About The EV Network (EVN)
Founded in 2017, The EV Network (EVN) is a leading independent EV charging infrastructure development company. EVN’s mission is to address the challenges faced by both landlords and charge point operators (CPOs) in rolling out a network of rapid and ultra-fast EV chargers and charging infrastructure in the UK.
Over the past three years EVN has carefully selected and secured the very best sites in the UK, seizing first- mover advantage in what has become an increasingly competitive UK market. Through our strong relationships with high quality landlords and charge point operators, The EV Network has become a distinguished player in the EV charging market able to provide our partners with fully funded bespoke technology and service solutions. Thanks to this early investment in intensive network planning, EVN is set to lead the roll out of the UK fast charging EV charging market.
About Sustainable Development Capital (SDCL) and SDCL Energy Efficiency Income Trust plc
The Company’s investment manager is Sustainable Development Capital LLP (“SDCL”). Established in 2007, SDCL is a specialist investment manager, with a proven track record of developing and investing in energy efficiency and decentralised energy generation projects in the UK, Europe, North America and Asia.
SDCL is headquartered in London, and the group operates internationally from its offices in New York, Dublin, Hong Kong and Singapore, with a project office in Madrid. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.
SDCL Energy Efficiency Income Trust plc is the first listed company of its kind to invest exclusively in the energy efficiency sector. Projects that SEEIT invests in either provide decentralised on-site generation of power and heat, or projects which reduce energy demand. The Company’s portfolio comprises assets across the UK, Europe and North America.
The Company’s objective is to generate an attractive total return for investors comprising stable dividend income and capital preservation, with the opportunity for capital growth. It delivers this to shareholders through its investment in a diversified portfolio of energy efficiency projects that deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
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