DLA Piper advises Aviva Investors on EUR30 million backing of Dublin-based EV charging specialist Erapid
DLA Piper has advised Aviva Investors, the global asset management business of Aviva plc, on its EUR30 million investment in Erapid Charger Company Limited (Erapid), an Irish electric vehicle (EV) charging infrastructure specialist headquartered in Dublin.
Erapid operates EasyGo, Ireland’s largest private car charging network provider, with more than 4,000 EV charging points across the island of Ireland. Following this investment, the company plans to roll out a further 3,000 charging points nationwide by 2032. Erapid also has plans to install more than 20,000 EV charging stations at apartment buildings, hotels and other key locations. Erapid expects that this investment will lead to the direct creation of up to 60 Irish jobs.
The investment is the latest under Aviva Investors’ climate transition real assets strategy, which targets European Real Assets investment opportunities that can help to accelerate, and benefit from, the transition towards a low-carbon economy.
The DLA Piper team was led by Liam Mills (Legal Director) and Dara McDonald (Senior Associate), and included Partners Matthew Cole and Conor Houlihan.
Commenting on the transaction, Liam Mills, Legal Director at DLA Piper, said: “We are delighted to have assisted Aviva Investors, the global asset management business of Aviva plc, on its EUR30 million investment into Erapid. This investment will result in the much needed expansion of Ireland’s EV charging network and the continued growth of the domestic EV charging sector.”
Adam Irwin, Fund Manager, Infrastructure Equity, at Aviva Investors, added:
“Our investment into Erapid is a terrific opportunity to invest into one of our home markets and support the growing Irish and Northern Irish EV charging sector. Ireland has some of the lowest public charger to EV ratios in the EU, giving potential for substantial growth in the platform as part of the transition from internal combustion engines and towards electric powertrains. We view this as a great opportunity for the money we look after on behalf of our clients to make a material contribution to delivering on the UK and Ireland’s net zero ambitions, whilst also meeting their long-term investment objectives.”