EV infrastructure business Roam has secured funding of £65m to accelerate the roll-out of a 40,000 pipeline of UK charging points.
Roam has already installed 3,000 UK charging points with a further 5,500 points under exclusivity.
The new funding facility has been provided by the National Wealth Fund, NatWest and Triodos Bank UK and builds on Roam’s existing backing from funds managed by Denham Sustainable Infrastructure, an arm of global power and infrastructure firm Denham Capital.
James Randall, chief executive officer of Roam, said: “We’re delighted to have the support of these major and trusted lenders, which is a credit to the growing institutional investor confidence in the business case for investing in the zero emission transportation industry. This debt facility will allow us to respond to geographical demand patterns for EV charging across the UK, providing reliable, affordable and easily accessible infrastructure to give our customers the reassurance they need to join the electric vehicle revolution.”
Sarah Lane, managing director of Denham Sustainable Infrastructure, added: “With lower capital requirements and higher returns than direct current charging alternatives, Roam’s focus on accessible AC charging infrastructure presents a strong investment case that delivers on both financial and environmental sustainability. This raise represents the latest step in the business’ journey, supporting Denham’s backing to allow Roam to continue to grow alongside the UK’s rapidly evolving electric vehicle industry.”
Ian Brown, head of banking and investments at the National Wealth Fund, said: “Decarbonising the transport system cannot happen without transitioning to electric vehicles and so it’s important that drivers can access fast and reliable charging where and when they need it. The National Wealth Fund’s investment directly supports government ambitions to decarbonise UK roads, helping to make charging more convenient for EV drivers while out and about and supporting petrol and diesel drivers to make the switch to electric.”
Bruce Riley, head of energy transition at NatWest, added: “We are determined to play an active role in the UK’s transition to a low carbon economy, and accelerating the take up of electric vehicles is a crucial part of this journey. That is why we are delighted to support Roam with financing that will accelerate the deployment of fast-charging electric vehicle infrastructure across the UK.”
Amandine Tetot, head of energy and project finance at Triodos Bank UK, said: “As a sustainable bank, all our focus is on financing positive change in society. The transport and energy sectors are areas we focus on because they require systemic change to transition to a greener, more sustainable future. Investment in the charging infrastructure for electric vehicles across the country will help more people travel in a low carbon, cleaner way. We are proud to support Roam in expanding their charging points to help make this transition a reality.”
