DLA Piper advises Be.EV on inbound Octopus Energy Generation investment
DLA Piper has again advised electric vehicle charging network Be.EV as Octopus Energy Generation, one of Europe’s largest renewable energy investors, makes Be.EV its first investment to accelerate the UK’s electric vehicle charging infrastructure.
Octopus Energy Generation is investing up to GBP110 million on behalf of its Sky fund (ORI SCSp) in the Manchester-based EV public charging network Be.EV to scale and install new charge points. The investment will help grow Be.EV’s 150-strong public charge point network. Be.EV will build 1,000 EV charge points in the North of England by 2024, increasing its coverage by over 600%. Its unique model builds concentrated, community-based charging networks where they’re most needed, to ensure more equitable access to public chargers and instil confidence in going electric.
Rubayet Choudhury, Partner at DLA Piper, comments: “We are proud to have been with Be.EV from the start of their journey as they have rapidly moved from a start-up, through to two rounds of crowdfunding and now on this transformational investment from Octopus. Be.EV shares our core ESG values in its mission to help decarbonise our transport systems and to also engage at community-level in providing charging for all. Octopus’s investment will really accelerate the way in which Be.EV can roll out its network and have a tangible and sustainable impact on an increasing number of neighbourhoods nationwide.”
Asif Ghafoor, CEO of Be.EV, said: “We’re on a mission to build tomorrow’s infrastructure – greener, better, faster and fairer. The team at DLA Piper were early believers in our business and had the forward vision to know how to work with an SME in a new technology sector. The investment from Octopus Energy Generation that they’ve helped secure is transformational for the business. We will scale our public EV charging network dramatically and take our unique model national. Rubayet, Natasha and Colin have been instrumental in making that happen.”
The DLA Piper team was led by Partner Rubayet Choudhury, and included Partner Stephen Atkinson, Of Counsel Bruce Chen, Senior Associates Simon Winterburn, Nicola Wilding, Sophie Linell and Laura Allsop, and Associates Sam Newman and Jennifer Tilston.