London’s EO Charging completes €28.5M funding round after restructuring and US market exit

EO Charging secures £25M recapitalisation led by shareholders to focus on UK and Europe, enhance fleet electrification, and scale its Charge Assurance software platform.

London-based EO (Electricity Online) Charging, a provider of fleet electrification solutions, has completed a £25M (approximately €28.5M) shareholder-led recapitalisation.

The transaction involves an increased debt facility with HSBC and a new equity investment from existing investors, ZOUK Capital and Vortex Energy.

“This investment underscores our shareholders’ confidence in EO’s evolved strategy and long-term vision. We are doubling down on what we do best: delivering reliable, commercial-grade charging infrastructure and intelligent software that helps fleets electrify and perform at scale,” says Richard Staveley, CEO at EO Charging.

This funding comes after a major restructuring.

As part of this process, EO is leaving the US market and has sold its domestic EV charger hardware and manufacturing business to Cogent Technologies, a part of the Heathpatch Group.

“By sharpening our focus on the UK and European markets, and exiting hardware manufacturing through the sale of our manufacturing business to Cogent Technologies, we are ensuring EO remains agile, capital-efficient, and relentlessly committed to improving fleet performance and delivering customer value,” adds Staveley.

Fund utilisation

The funds will help the company improve efficiency, streamline operations, and support a more scalable business model.

The investment will also accelerate the deployment of EO’s commercial-grade charging infrastructure and its flagship software and service offering, Charge Assurance, which provides fleet operators with end-to-end visibility, management, and energy optimisation tools.

EO Charging: Giving power of energy autonomy

Founded in 2014, EO Charging specialises in charging and software solutions for electric vehicle (EV) fleets.

The company’s mission is to accelerate carbon-free transportation by making fleet charging simple, reliable, and scalable.

EO offers reliable Charge Assurance through its EO Cloud platform, providing real-time monitoring, energy management, and load control for fleet operators.

Their complete electrification services include depot design, installation, grid upgrades, and ongoing maintenance for cars, vans, trucks, and buses.

Currently, EO Charging serve some of the world’s largest and most complex fleet operators, including Amazon, DHL, UPS, Tesco, GoAhead, Metroline, Stagecoach and FedEx.