UK’s EO Charging bags €76M to expand charging solutions in Europe and North America

Stowmarket, the UK-based EO (Electricity Online) Charging, a provider of electric vehicle (EV) charging solutions, announced on Tuesday, February 21, that it has raised $81M (approximately €76M) in equity investment from Vortex Energy and Zouk Capital.

EO Charging says it will use the funds to expand its fleet charging solutions business in North America and Europe.

Charlie Jardine, Founder and CEO of EO Charging, says “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.”

EO Charging: Smart charging solutions

Founded in 2014 by Charlie Jardine, EO focuses on smart charging solutions for electric cars, vans, trucks, and bus fleets. 

“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,” continues Jardine. 

The company offers an end-to-end solution from smart fleet consultations, AC and DC hardware, and cloud-based management software to depot installations, grid connections, and 24/7/365 operations and maintenance service.

In 2022, the UK firm launched its latest generation of EV chargers, EO Genius 2 and EO Mini Pro 3. 

Earlier this year, EO Charging announced that it has created a new multi-source financing and services platform, MOBILITe. 

According to the company, 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.

To date, EO Charging has deployed over 80,000 chargers to businesses and consumers globally, including Amazon, DHL, Uber, and Tesco.

“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 says.

The Investors

Vortex Energy is a global energy transition investment firm. In 2021, the VC launched Vortex Energy IV to target all energy transition verticals, including generation, energy storage, EV charging facilities, as well as supply and demand-side energy services across international markets. 

Karim Moussa, CEO of Vortex Energy, says “EV charging is a fascinating transformational industry. Major investments in charging infrastructure are needed to pave the way for a carbon-neutral world. Vortex is extremely happy to have partnered with EO as one of the leading providers of charging solutions in Europe. We are highly committed to supporting EO’s growth path alongside Zouk Capital, a reputable partner with a stellar track record.”

Zouk Capital is experienced in investing and scaling electric vehicle charging infrastructure and manages the UK Treasury’s £420M Charging Infrastructure Investment Fund (CIIF). Zouk has been working with EO Charging since 2018. 

Colin Campbell, Partner at Zouk Capital, says, “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.”