DLA Piper super-charges Be.EV’s vehicle charging journey

DLA Piper has advised its longstanding British EV charging infrastructure client, Be.EV, on a major debt raise to accelerate the growth in the UK EV charging infrastructure sector. As part of the process, existing investor, Octopus Energy Generation has also made a further investment into Be.EV.

Funded by NatWest and Germany’s KfW IPEX-Bank, the financing will enable Be.EV to further expand its charging network, which is currently on track to reach 1,000 publicly accessible rapid and ultra-rapid charge points nationwide by the end of 2024. The majority of chargers will support ultra rapid charge points with the newly installed points charging a typical EV to 80% in 20 minutes. The deal marks a major milestone in a nascent sector for debt and is one of the first major debt raises of its kind.

The DLA Piper team was led by Rubayet Choudhury, Energy and Infrastructure partner, and included partner Stephen Atkinson (Corporate), legal director Mark Valenzia (Finance), senior associates Priyanka Paunrana, Sam Newman (both Finance), Mark Cliffe, Simon Winterburn (both Corporate), Jacques Camilleri (Finance) and trainee solicitor Nathan Sharpe (Finance).

Rubayet Choudhury said: “We are proud to have supported Be.EV on another landmark deal. The Be.EV team have yet again demonstrated that they are the forefront of the industry with their ability to raise funds first through two ground-breaking rounds of crowdfunding, the transformational investment from Octopus Energy Generation and now this game-changing debt raise.”

“This latest debt raise is a clear indication of the market’s confidence not only in Be.EV’s business plan and its success to date, but also to the lenders’ commitment of increasing the uptake of electric vehicles. We share their core sustainability values and with this latest investment, Be.EV will be able to continue its journey to ensure more neighbourhoods across the UK have access to EV charging infrastructure and support the country as it navigates to a greener future.”

Asif Ghafoor, CEO of Be.EV, added: “The financing from NatWest and KfW IPEX-Bank serves as a huge vote of confidence in our mission to provide reliable ultra-rapid charging to communities that have been left behind by the transition to electric vehicles.” 

“This sizeable commitment, combined with the fact that Octopus Energy Generation is now the majority shareholder, paves the way for future investments in the industry, which benefits the EV driving community and helps the Government’s Zero-emission-vehicles by 2035 mandate.”

“It proves that investors, both domestic and international, are confident in the UK’s transition to EVs and its importance in transitioning to a net zero economy.”

“This deal was completed very quickly, which wouldn’t have been possible without the hard work of the DLA Piper team. They were early believers in our business and Rubayet’s team have been instrumental in helping to get this landmark deal over the line.”

Natasha Luther Jones, Global Co-Chair, Energy and Natural Resources Sector, DLA Piper concluded: “It is fantastic to see Be.EV go from strength to strength in supporting the UK’s EV transition and the role it is playing to assist the country’s ambition to reach net zero.” 

“Sustainability is a key pillar in DLA Piper’s strategy, and we are keen to support our clients as they help build a sustainable future.”

DLA Piper’s has been Be.EV’s lead external legal counsel since its inception in 2020. Since then, the DLA Piper team has supported and advised the company on a range of matters including investment rounds, real estate planning, construction and associate regulations to help the company grow into a UK green infrastructure success.