British-based EO Charging has secured an US$80mln equity investment, after failing to get a US listing over the line last year.
EO, founded in 2014 to provide charging infrastructure for electric vehicles, said the funding from Vortex Energy and Zouk Capital would be used to expand its business in Europe and the US, where the government has promised US$370bn for clean tech firms under the Inflation Reduction Act.
Founder Charlie Jardine said the company and industry are still in the very early stages.
EO boasts a network of around 80,000 charge points, including at Amazon, DHL and Uber depots, as well as Tesco supermarkets.
It had looked to float in the US last year via a US$675mln merger with special purpose acquisition vehicle First Reserve Sustainable growth but had backed down from the deal as the market retracted.
“I’m confident EO is in a strong position for 2023 and beyond,” Jardine added in a statement, given the “transition to electric vehicles remains one of the most pressing challenges of our generation”.
The funding round was led by Zouk, which manages the UK Treasury’s £420mln Charging Infrastructure Investment Fund.
Vortex, meanwhile, is backed by Egypt-based EFG Hermes and Abu Dhabi’s sovereign investors.