Maynooth, Ireland-based EV charging company Erapid Charger announced that it has secured €30M funding from Aviva Investors, global asset management business of Aviva plc.
The company will use the funds to create 60 Irish jobs and roll-out of thousands of fast-charging units.
Erapid trades in Ireland as CarCharger EV Limited, and as EasyGo, Ireland’s private car charging network provider.
Chris Kelly, co-founder of Erapid, says, “Today’s announcement will accelerate our mission to decarbonise transport, providing accessible and efficient EV charging solutions across the island of Ireland and into the UK. As Ireland’s largest owner and operator of charging stations, this strategic investment by Aviva Investors propels us into an exciting phase of growth. One of the immediate goals resulting from this funding is the significant expansion of our network, including the rollout of over 3,000 fast chargers. We will also be hiring for up to 60 new roles across operations, customer support and sales.”
Aviva Investors is investing in Erapid’s Climate Transition Real Assets strategy. This investment will help Erapid rapidly expand its CarCharger and EasyGo services, enhancing its operational capabilities and expanding its network of chargers.
As part of the transaction, Rubicon Capital Advisors, an Irish-based merchant banking boutique and one of Erapid’s largest shareholders, will also increase its stake in the company to support its growth further.
Erapid aims to install 3,000 fast DC chargers on the national charging network by 2032 and over 20,000 commercial AC chargers in apartments, hotels, buildings, and other essential locations.
The company plans to establish its new headquarters in Maynooth and has also established an operations support centre of excellence to facilitate its next growth stage.
Erapid: an EV charge point operator
Founded in 2016, Erapid is an EV charge point operator and turnkey solutions provider in the Irish market.
EasyGo’s EV charging network spans over 1,500 locations across Ireland and Northern Ireland, with over 4,000 charging points available to customers.
To access the network, customers can use the EasyGo app, which has already attracted over 50,000 registered drivers.
The app continues to gain popularity, with approximately 2,000 new users joining each month since the beginning of 2023.
Additionally, the company supplies, installs and manages EV charging points and stations for private, commercial and public sector clients, including chargers for domestic and apartment use, workplace/business needs and fleet management.
Mr Kelly adds, “This marks an exciting new phase for Erapid and our two brands. With this funding, we will be strategically reviewing our market approach, with plans in place for an overall brand refresh to reflect the new vision and growth plans for the business. The EV sales market in Ireland is booming but needs the infrastructure to catch up. This investment combined with our history of introducing the latest charging technology to Ireland means we are well positioned to create and scale a seamless EV charging network that supports a sustainable future. We are delighted to be partnering with Aviva Investors, whose strong focus and presence in sectors including sustainability and commercial property mirrors our own. We look forward to working together to capitalise on synergies arising that can lead to future shared growth.”
Based out of London, Aviva Investors is a global asset management business of Aviva plc.
The business delivers investment management solutions, services and client-driven performance to clients worldwide.
Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with £223B in assets under management as at 31 December 2022.
Adam Irwin, Fund Manager, Infrastructure Equity, at Aviva Investors says, “Our investment into Erapid and its two core brands CarCharger and EasyGo is a terrific opportunity to invest into one of our home markets and support the growing Irish and Northern Irish EV charging sector. Ireland has some of the lowest public charger to EV ratios in the EU, giving potential for substantial growth in the platform as part of the transition from internal combustion engines and towards electric powertrains. We view this as a great opportunity for the money we look after on behalf of our clients to make a material contribution to delivering on the UK and Ireland’s net zero ambitions, whilst also meeting their long-term investment objectives.”