British charging network Be.EV has secured 55 million pounds in funding from the NatWest and the German KfW IPEX-Bank. It will use the money to expand its charging network to over 1,000 fast-chargers by the end of the year.

Be.EV is not active across the UK, but focuses on Manchester and the North West, where it has installed over 600 charge points. All its chargers will be powered by renewable energy from Octopus Energy.

Be.EV says the agreement with the German bank is a “victory” for the UK’s green economy and says “this gives strong endorsement of the UK from abroad, serving as another proof point of the net zero transition as an economic opportunity.

“This sizeable commitment from NatWest and KfW and the continued support from Octopus Energy Generation paves the way for future investments in the industry, which ultimately benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate,” says Be.EV CEO, Asif Ghafoor. “It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”

Bruce Riley, managing director and head of energy transition at NatWest, said: “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 the transition. We are delighted to have supported Be.EV with this financing which will drive the growth of its UK public charging network.”

Be.EV just recently became part of the Plugsurfing network and opened its first charging hub in Stockport in Greater Manchester at the beginning of the year. A second site there will follow soon. It is backed by Octopus Energy Generation, which invested 110 million pounds in the charge point operator last year.