EO Charging Secures US $80M Investment from Vortex Energy and Zouk Capital to Expand EV Fleet Charging

EO Charging, a frontrunner in the domain of electric vehicle (EV) charging solutions, has recently divulged that it has secured a substantial equity investment of approximately US$ 80 million. The funding, drawn from eminent energy transition investment firm Vortex Energy, and private equity and infrastructure fund manager, Zouk Capital, bolsters EO Charging’s growth strategies and aspirations for global expansion. This partnership between the two investing entities underlines EO’s trajectory towards becoming a global leader in EV fleet charging, particularly as the adoption of zero-emission transportation gains momentum.

Founded in 2014 by entrepreneur Charlie Jardine, EO Charging is devoted to developing smart charging solutions for various electric vehicle fleets, including cars, vans, trucks, and buses. By providing unique, end-to-end solutions, EO Charging assists customers in transitioning to electric at a scale, no matter the size of the fleet. Their comprehensive services range from smart fleet consultations, AC and DC hardware provision, cloud-based management software, depot installations, to grid connections. Furthermore, they offer around-the-clock operations and maintenance service, thus ensuring that a swift transition to electric is possible without compromising on efficiency or reliability.

With the newly secured funding, EO Charging has articulated its plans for expansion. The British firm aims to broaden its fleet charging solutions business across North America and Europe, tapping into the burgeoning demand in these regions for sustainable transportation solutions. Despite these ambitious international plans, EO Charging remains committed to maintaining its leading position in the fast-evolving UK market. These strategic moves underscore EO Charging’s commitment to accelerating the adoption of electric vehicles on a global scale and their dedication towards contributing to a cleaner and greener future.

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 optimizing EV savings.

“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.

Vortex Energy, a leading player in the energy transition investment field, launched Vortex Energy IV in 2021. This initiative was designed to target all energy transition verticals, including the generation, energy storage, and EV charging facilities, as well as supply and demand-side energy services across global markets. A significant investment made by Vortex Energy IV has been the allocation of approximately €300m to Ignis Energia. This funding is intended to fuel Ignis Energia’s expansion plans and facilitate its transformation into a fully integrated renewable Independent Power Producer (IPP) in Spain and other geographies. Through such strategic investments, Vortex Energy continues to propel the transition towards sustainable energy solutions on a global scale.

Karim Moussa, CEO of Vortex Energy, commented, “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”.

This latest round of fundraising was spearheaded by Zouk Capital, a renowned investor in EV charging within the UK. Zouk Capital has maintained a strong partnership with EO Charging since 2018, providing crucial support and guidance. Zouk’s vast experience in investing and scaling electric vehicle charging infrastructure has proven invaluable. Adding to their credibility, they manage the UK Treasury’s £420m Charging Infrastructure Investment Fund (CIIF), further attesting to their commitment and capability in fostering the growth of sustainable transportation infrastructure. This latest round of funding illustrates the ongoing confidence and commitment of seasoned investors in facilitating EO Charging’s ambitious global expansion plans.

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

Over the past three years, EO has grown significantly and has now deployed over 80,000 chargers to businesses and consumers around the world, including Amazon, DHL, Uber and Tesco. In 2022, EO ranked on the Financial Times’ FT1000 list of Europe’s fastest-growing companies (#45) for the second year running.