EO Charging has $80 million (£66m) in equity investment from Vortex Energy and Zouk Capital, to accelerate its growth plans and global expansion strategy.
The two investors are coming together in a partnership that will support EO’s path towards “global leadership” in EV fleet charging as zero-emission transportation adoption accelerates.
Founded in 2014, EO is focused on smart charging solutions for electric car, van, truck and bus fleets. Its end-to-end solutions support fleet customers of all sizes with their transition to electric at scale and pace.
The British company plans to further expand its fleet charging solutions business in North America and across Europe, while maintaining its position in the fast-developing UK market.
Charlie Jardine, founder and CEO of EO Charging, said: “We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital. The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets like North America.”
In 2022, EO launched its latest generation of EV chargers, the EO Genius 2 and EO Mini Pro 3, and most recently announced it has created a new multi-source financing and services platform, MOBILITe. The new initiative will help fleets accelerate EV adoption via a fixed-price as-a-service solution, eliminating upfront capital investment while optimising EV savings.
Jardone added: “The transition to electric vehicles remains one of the most pressing challenges of our generation. Businesses everywhere are under pressure to move to a zero-emission fleet fast and require innovative solutions and trusted suppliers. EO has quickly established itself a leadership position in this emerging space. We have the funding and service offering to develop that leadership on a global scale as the market continues to grow and grow. I’m confident EO is in a strong position for 2023 and beyond,” Jardine continued.
This latest round of fundraising was led by Zouk Capital, which has been working with EO since 2018. Zouk is experienced in investing and scaling electric vehicle charging infrastructure and manages the UK Treasury’s £420m Charging Infrastructure Investment Fund (CIIF).
Colin Campbell, partner at Zouk Capital, said: “The team at Zouk is extremely happy to continue to support EO and to partner with Vortex to help further develop EO’s global leadership position in EV fleet charging. EO is an exciting company - it dominates the fleet sector, and is growing rapidly in the truck and bus sectors. It is clear that EO has a very special opportunity ahead of it as the transition to net zero accelerates.”
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