EO Charging, a prominent player in fleet electrification solutions, has successfully completed a £25 million recapitalisation, marking a significant milestone in its growth trajectory. The funding round, led by existing investors Zouk Capital and Vortex Energy, combines an expanded debt facility with HSBC and a fresh equity injection. This strategic move underscores the unwavering confidence of its investors and provides a robust foundation for the company’s next phase of expansion.
The recapitalisation follows a series of strategic decisions, including EO Charging’s planned exit from the US market and the sale of its domestic EV charger hardware and manufacturing business to Cogent Technologies, a subsidiary of the Heathpatch Group. These measures aim to streamline operations, enhance efficiency, and transition towards a scalable platform-led business model.
With a renewed focus on software, services, and infrastructure-as-a-service (IaaS) for commercial fleets and heavy goods vehicles, EO Charging is poised to deliver scalable and dependable fleet-charging solutions across the UK and Europe. The investment will accelerate the deployment of its commercial-grade charging infrastructure and its flagship software offering, Charge Assurance™, which provides fleet operators with comprehensive visibility, management, and energy optimisation tools.
Richard Staveley, CEO of EO Charging, emphasised the significance of the investment, stating, ‘This funding reflects our shareholders’ confidence in our evolved strategy and long-term vision. We are committed to delivering reliable, commercial-grade charging infrastructure and intelligent software that empowers fleets to electrify and perform at scale.’
Massimo Resta, Partner and Head of Infrastructure at Zouk Capital, echoed this sentiment, highlighting EO’s alignment with the growing demand for scalable, software-enabled infrastructure solutions in the fleet electrification market. Bakr Abdel-Wahab, Chief Investment Officer at Vortex Energy, added that the transition to electric mobility is becoming foundational, and EO’s software- and service-first model positions it for sustained growth.
EO Charging continues to serve major global fleet operators, including Amazon, DHL, UPS, Tesco, and FedEx, leveraging over a decade of expertise in EV charging infrastructure and management solutions.