Be.EV signs £20m deal with Schroders Capital for 200+ ultra-rapid charging bays
Manchester-based Be.EV has secured a £20m agreement with Schroders Capital to install more than 200 ultra-rapid charging bays across 22 retail and leisure parks throughout the UK.
The sites, managed by Schroder’s Capital real estate funds, will feature Kempower chargers capable of delivering speeds up to 300kW.
Each charging hub will contain either six or 12 bays and operate under a 20-year lease agreement. The installation is expected to boost Schroders Capital’s financial performance.
A recent survey found that 57% of EV drivers using public chargers visit shops or cafés while waiting. This number is projected to increase in 2025 as new EV registrations are forecast to grow by 31%.
2024 has marked significant expansion for Be.EV. Since February, the company has partnered with Allstar to offer fleet charging discounts and launched its first ultra-rapid charging hub. The firm also invested £4m in April to convert an abandoned petrol station into an EV charging site and community hub.
“Like the thousands of drivers who use our network each day, Be.EV is going places,” said CEO Asif Ghafoor. “This is a landmark deal for Be.EV and we are excited to help the big brands who occupy the retail parks in Schroders portfolio benefit from the increased footfall benefits EV charging brings. I would like to congratulate all the team at Be.EV for their hard work in securing this important deal.”
Matthew Baddeley, lead asset manager at Schroders Capital, added: “Improving the UK electric charging network is essential in supporting the UK’s energy transition goals, whilst it also aligns with our own net zero targets. Be.EV’s offering is highly compelling and we look forward to welcoming them to the Schroders Capital’s retail warehouse portfolio.”
Be.EV is majority-owned by Octopus Energy Generation’s £1.5 billion Sky Fund, which has committed £110 million of funding to the company.
