EO Charging, a provider of electric vehicle (EV) charging solutions for fleets, today announced it has secured approximately $80 million in equity investment from Vortex Energy, an energy transition investment firm, and Zouk Capital, a private equity and infrastructure fund manager, to accelerate its growth plans and global expansion strategy. The two investors are coming together in a partnership that will support EO’s path toward global leadership in EV fleet charging as zero-emission transportation adoption accelerates.
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The British company plans to further expand its fleet charging solutions business in North America and across Europe.
Charlie Jardine, Founder and CEO of EO Charging, said: “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.
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“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 in 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.
Karim Moussa, CEO of Vortex Energy (Photo Credit: Vortex Energy)
For his part, Karim Moussa, CEO of Vortex Energy, commented, “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.”
EO Charging has been advised by Evercore (M&A) and Birketts (legal). Vortex Energy has been advised by Improved Corporate Finance (M&A), White & Case (legal), and PwC (financial and tax). Zouk Capital has been advised by Fladgate (legal).
