EO Charging secures $80 mn from Vortex Energy and Zouk Capital

To expand its EV fleet charging solutions business
EO Charging secures $80 mn from Vortex Energy and Zouk Capital
EO Charging announces it has secured $80 million in equity investment

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.

Read more: Electric vehicles finally becoming more affordable

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.

Read more: Can electric vehicles dominate the future of automobiles in the region?

“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.

EO Charging

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).