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Be.EV, one of the UK’s fastest-growing electric vehicle (EV) charge point operators, has secured a £3.5 million deal with a retail portfolio backed by Magnetar Capital and Northdale Advisors. The agreement involves installing 38 ultra-rapid EV chargers across four shopping centers, enhancing charging infrastructure and benefiting both shoppers and the local community.
Key Highlights:
- £3.5 million deal between Be.EV and Magnetar Capital-backed retail portfolio
- 38 ultra-rapid chargers to be installed across four shopping centers
- Locations include Corby, Birmingham, Dartford, and Yate
- Chargers are Kempower ultra-rapid chargers with up to 150kW capacity
- Chargers can add up to 165 miles of range in 20 minutes
- Be.EV is majority-owned by Octopus Energy Generation, with £110 million funding pledged
- Deal aims to boost EV charging infrastructure and enhance retail footfall
On September 24, 2024, Be.EV announced a significant partnership with a retail portfolio backed by Magnetar Capital and Northdale Advisors. The £3.5 million deal will see the installation of 38 ultra-rapid electric vehicle chargers across four prominent shopping centers: Corby Town Center Shopping in Corby, North Northamptonshire; One Stop Shopping in Perry Barr, Birmingham; Priory Shopping Center in Dartford, Kent; and Yate Shopping Center in Yate, South Gloucestershire.
Many of these sites will become the largest ultra-rapid charging hubs in their respective areas, catering to the diverse needs of EV drivers visiting various retailers such as Tesco, Asda, Sainsbury’s, Primark, M&S Outlet, Costa, B&M, Home Bargains, and more. Notably, South Gloucestershire has one of the lowest percentages of EV chargers in the UK, and the new hub will provide a significant boost to the region’s charging provisions.
The chargers will offer thousands of EV drivers visiting the shopping centers a location to quickly charge their vehicles on long journeys, as well as benefit shoppers and the local community. All of the sites will be equipped with cutting-edge, ultra-rapid Kempower chargers (up to 150kW), which can add up to 165 miles of range in a short 20-minute stop—a solution that matches the site’s customer dwell time.
The chargers also feature unique dynamic load-balancing abilities, meaning they can intelligently distribute power between vehicles according to capacity and demand. This technology provides drivers with a better charging experience when a location gets busy and allows for more charging bays at locations with the same amount of available power.
The Magnetar Capital-backed portfolio receives huge numbers of visitors per month, and the new charging hubs are set to drive additional footfall and enhance the value of the sites. Northdale Advisors acted as operating partner for Magnetar Capital in the deal.
Be.EV is one of the fastest-growing EV charge point operators (CPO) in the UK. The network is majority-owned by Octopus Energy Generation, which has pledged £110 million of funding. The CPO also recently secured £55 million in debt finance from NatWest and KfW-IPEX Bank. With these investments, the network is well-placed to become the UK’s most trusted and reliable charge point operator.
Asif Ghafoor, CEO of Be.EV, said: “We are pleased to have forged this partnership with Magnetar and Northdale to bring ultra-rapid charging to shoppers across their portfolio.
“We have extensive experience installing and maintaining chargers at retail parks up and down the country, which not only serve the local community but also boost retailer income through increased footfall.
“We’re confident we’ll be able to do the same across Northdale’s portfolio—providing the right charger in the right place in the community is at the heart of the Be.EV ethos and we are pleased to be leading the way in delivering charging solutions for shoppers and landowners.”
Tim Williams of Northdale Advisors Ltd added: “We’re excited to partner with Be.EV on this transaction. The rollout of Be.EV’s ultra-rapid chargers across our portfolio will provide a market-leading amenity for our visitors while also attracting new customers to our retailers. Importantly, the transaction will also help us to deliver on our wider ESG strategy.”
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