UK-based Zouk Capital has acquired a majority stake in BE Power. The funding will allow the company to continue to pursue its business strategy, which is to operate as a leading owner and operator of EV charging stations across Italy.
BE Power owns and operates public EV chargers through its 100% owned subsidiary BE Charge. It also operates a virtual power plant technology through its 100% owned subsidiary 4Energia, which operates as an energy trader and provides demand response services.
Electric vehicles are experiencing significant growth on a global basis as more people join the drive towards cleaner methods of transportation. Reuters suggest automakers are planning $300bn of investment into electric vehicles in the next five to ten years. BE Power will support the transition to EVs in the Italian market.
UK-based Zouk Capital, has significant experience in electric vehicle charging infrastructure in the UK, where it has invested in two companies operating in the sector since 2016: Instavolt and EO Charging. More recently, the company was selected by the UK government as the preferred bidder for an investment fund dedicated to public charging infrastructure for electric vehicles. The Charging Infrastructure Investment Fund (CIIF) will be a £400m fund, with £200m from the private sector to be matched by £200m from the UK Government.
Zouk’s experience in the EV charging infrastructure space will help to support BE Power in the delivery of its business plan. Zouk has appointed Paolo Amato as Chairman and Paolo Martini as CEO of the Company.
“Zouk will work closely with the management team on the development of the growth plan and on our goal of becoming a leading integrated operator in the electric mobility market in Italy” said Paolo Martini, CEO of Be Power. “We are proud that Zouk, one of Europe’s largest investors in the field of electric vehicle charging infrastructure, has invested in Be Power as we address one of the most important challenges in Italy. ”
Are you interested in the transition to sustainable mobility, electric vehicle sales are expected to top 2.8 million worldwide in 2019 according to Frost & Sullivan. Here’s the story.