DLA Piper advises Iduna on crowdfunding campaign to help build Greater Manchester’s electric vehicle charging infrastructure

DLA Piper has advised UK infrastructure development company Iduna on the launch of its first multi-million pound round of fundraising looking for its roll out of electric vehicle (EV) charging infrastructure across Greater Manchester (GM). Iduna will use ethical investment crowdfunding platform Abundance to raise the funds.

These funds will finance the purchase, installation, and maintenance of the next phase of electric vehicle chargers in its programme and will provide GM with a geographically concentrated charging network. The investment is an offer of debentures for a 5-year period.

Iduna recently acquired the Greater Manchester Electric Vehicle (GMEV) contract and plans to grow the GM's existing EV charging network by at least 160 publicly available chargers, as early as the end of 2022. The pioneering project will see the company using data analytics to deliver a smarter network of chargers working in partnership with Transport for Greater Manchester and the ten local authorities to make the region more accessible to electric vehicle drivers, deliver cleaner air and lead the shift to an electrified economy.

DLA Piper advised Iduna on the acquisition of GMEV and the fundraising launch, as well as on the restructuring of the project documents to deliver electric vehicle chargers across GM. The firm's team was led by Global Co-Chair of Energy and Natural Resources and International Co-Head, Sustainability and ESG, Natasha Luther-Jones, partner Stephen Atkinson and legal director Rubayet Choudhury. They were assisted by senior associate Robert Cockburn and associate Charlotte Eliades.

Commenting, Natasha Luther-Jones, said: "We are excited to have advised Iduna on this project which supports GM's bold ambition to be carbon-neutral by 2038 and tackle climate change. Expanding the public vehicle charging network is a key part of these plans. The GMEV network is one of the biggest and most modern charging networks in the UK and it's set to get even bigger, allowing Greater Manchester to become a leading green city-region."

Rubayet Choudhury, added: "We have been with Iduna from the start and it's been incredibly rewarding to support them on such an innovative project in this nascent sector which brings together a decarbonising transport solution, smart data analytics and which is funded through a grassroots ESG-related investment opportunity by using a crowdfunding platform. We expect a continued growth in the EV space particularly as we are seeing an uptick in interest from a range of developers and investors."

Asif Ghafoor, CEO, Iduna, said: "We are seeking to change the way sustainable focussed infrastructure projects are developed in the UK. Using data analytics and future technologies as the focus of our business, we have established a development company focussed on delivering outcomes in the mobility, energy and telecommunications. Key for Iduna is to establish strong long lasting relationships with partners and I am pleased that DLA Piper have been with us since our inception and recently has supported us with the acquisition of our EV Charging business, main fund raise and sustainability focussed development pipeline."

Iduna is a UK company launched in 2020 with the mission of reducing carbon emissions by leading the electrification of the UK's transport sector. They have more than 30 years' combined experience in the UK public and private infrastructure sectors and aim to bring together Government, consumers, supply chain, and investors to accelerate the delivery of the UK's technology-based infrastructure.