Having recently installed its first UK charging points and secured a €50m investment, Norwegian electric vehicle (EV) charging infrastructure start-up Wattif EV has set out its plans to play to become a key player in the UK network for destination chargers by 2030.
Wattif EV describes itself as an end-to-end provider and a key enabler in the global shift to EV mobility. It is a Norwegian-founded company with a global market arena. In Norway, 90% of new car sales are electric.
In establishing destination charge points where people park, rather than forcing EV drivers to park where they can charge, Wattif EV says it seeks to accelerate the electrification of the UK parking network by providing hassle-free access to charging infrastructure.
Wattif EV provides the car parks’ landlord or owner with the choice of a number of finance models whereby they can benefit from a share of net revenue while rolling out a wider geographical range of ‘fast’ charge points.
The transition to EVs is creating unprecedented disruption in the
auto industry. Original equipment manufacturers (OEMs) are battling
overcapacity across production networks and face big costs to retool their
factories. Meanwhile, EV startups have emerged to meet swelling demand.
In 2020, the UK’s auto industry body, The Society of Motor Manufacturers and Traders (SMMT), estimated the UK needs to spend £16.7bn to provide sufficient charge points to meet its 2035 EV target. In short, 2.8 million public charging points are required by 2035. SMMT estimates that the UK had around 5% of the number of chargers required to meet its 2035 EV goal.
Due to the associated expense of rolling out charging points, governments are reluctant to wholly commit to the process. Many are relying on third-party companies to fill the demand for EV charging options.
First UK Wattif EV charge points
In late-2022, Wattif EV UK switched on its first UK charge points in Cambridge and is about to switch on more just outside Leeds, with Scotland next in its plan. Further to these early-adopted locations, Wattif EV is in discussion to expand exponentially with contract negotiations underway that could deliver thousands of Wattif EV-managed stations in the next 18 months.
AMPECO secures new Silicon Valley investment
Ampeco, a technology provider to Wattif EV, has raised $16m in venture capital investment, having closed a Series A funding round of $13m in late-January 2023. The Series A round was led by BMW i Ventures, a Silicon Valley-based venture capital firm with a background in investments in transportation, manufacturing, supply chain, and sustainability.
AMPECO’s investment provides long-term and sustainable service provision for Wattif EV’s charging network as it looks to strengthen its position in the UK market.
Wattif EV UK secures €50m investment
Wattif EV UK’s management team, including MD, Stephen Rees, and Global VP of Marketing, Janis Prescott, celebrated Wattif EV’s €50m investment at the company’s recent European Management Conference hosted by CEO, Robert Svendsen in Norway.
Marguerite, one of Europe’s most active investment fund managers in sustainable infrastructure projects, confirmed the investment in late-2022. The agreement represents further investment in Wattif EV, underlining the company’s growth potential as it targets plans to become one of Europe’s and the UK’s leading providers of EV destination chargers.
Robert Svendsen, Wattif EV CEO, said: “To hit the UK’s 2030 EV targets there needs to be strong support from business, local authorities and Government to establish a coordinated strategy delivering EV cars, EV infrastructure and EV battery supply.
“I believe business must lead this charge given all the pressures on the UK Government right now: our strong end to 2022 and start to 2023 shows that Wattif EV is ideally placed to be a critical path to that ambition.
“Our Norwegian-based expertise and focus on what’s best for the owner of EVs and EV chargers to fit charging into their daily lives are key. Charging en-route at service stations is not viable long-term – charging without thinking, planning or worrying, at home and destination, is key to driving growth of EV sales.”