Multi-million pound backing for two charge point operators

Osprey Charging and Ionity have secured backing worth hundreds of millions of pounds to grow their electric vehicle (EV) charging networks.

Novuna Business Finance (part of Mitsubishi HC Capital UK), Société Générale, Aldermore and the UK Government's National Wealth Fund, have provided £110 million to Osprey Charging in senior debt facilities, while retaining support from its original investors, Cube Infrastructure Fund II and Investec Bank.

The EV charging market is seen as a key sector for the National Wealth Fund. Its backing for Osprey’s rapid charging rollout supports Government decarbonisation targets by helping to ensure there are enough chargers to inspire confidence and help drivers make the switch to EVs, ahead of the 2030 ban on sales of new vehicles powered solely by internal combustion engines. 

Chancellor Rachel Reeves said: “We’re investing in Britain’s renewal, bringing our infrastructure into the 21st century, improving people’s day to day lives, and putting more money into their pockets through economic growth.

“The National Wealth Fund is helping us achieve that change, backing the industries of the future and accelerating Britain’s transition to a clean energy superpower.”

Osprey Charging currently operates a network of 1,400 rapid and ultra-rapid charge points at 380 locations.

In this next stage of deployment, it says that it will continue to target quality over quantity, reflecting a focus on customer service, reliable operations, and financial strength.

Ian Johnston, CEO of Osprey Charging, said: “We’re delighted that financial institutions are supporting the work our fantastic, dedicated team are doing.

“At Osprey, we build the charging hubs customers want – clean and secure, super-fast, easy to use and easy to pay for. In short, where I would choose to stop and re-charge with my family.”

Ionity secures record financing to infrastructure

Ionity has secured a record-breaking financing of up to €600m (£520m), including €450m (£390m) in committed green loan facilities and a so-called accordion facility ─ the option to increase the credit line by up to €150m (£130m) later for future growth.

The loan transaction, provided by nine international commercial banks, marks the largest ever in the European charging industry.

Ionity will invest the new capital in the continued expansion and upgrade of its ultra-fast charging network, focusing on highways and urban hubs.

Currently, operating more than 5,000 charge points, the company aims to more than double the number of charging points to approximately 13,000 and grow its network to more than 1,300 charging sites by the end of 2030.

“This financing marks a major milestone, not just for Ionity, but for Europe’s transition to clean, sustainable mobility,” said Torsten Kiedel, chief financial officer at Ionity.

“Our mission is clear: to power seamless electric journeys and create lasting value for the economy, society, and the environment.”