Charging Infrastructure Investment Fund increases its commitment in Zest to £60m as it accelerates the rollout of its public EV charging network
Further commitment from £420m fund recognises Zest’s growing momentum, seen most recently in Hackney’s 2,500 charge point programme.
Zest today announced that lead investor Zouk Capital, manager of the Charging Infrastructure Investment Fund, has increased its commitment to support the firm's scaling to £60m. The investment has been made to support Zest’s increasing commercial momentum and follows an initial investment of £30m announced in October 2021. Working through Zest and a handful of other portfolio companies, the CIIF’s goal is to accelerate the deployment of electric vehicle (EV) charging infrastructure throughout the country.
The CIIF is a £420m public-private fund backed by HM Treasury (through UK Infrastructure Bank) and by sustainable private investors. The fund is managed by sustainable infrastructure specialist Zouk Capital and was designed to scale-up open-access, public EV charging networks in the UK increasing its accessibility and convenience, which in turn will help to reduce greenhouse gas emissions and air pollution from transportation.
Zest was originally set up to make fast charging available where people regularly park for more than 30 minutes, such as for shopping, leisure, or work. However, over the past 12 months Zest has increased the scope of its operations to include on-street lamp post charging and rapid charging hubs, to create a comprehensive portfolio.
Examples of recent Zest deployments are the top-10 UK retail destinations Metrocentre and Merry Hill, each with more than 50 charge points deployed. Hackney Council recently announced that it has partnered with Zest to roll out 2,500 charge points across its seven square miles, the UK’s most concentrated public sector EV infrastructure deployment.
Robin Heap said: “We’re growing our network by funding and operating large-scale charging infrastructure for public and private landowners. Our open access charge points help tackle climate change, boost local economic growth, and help make EV a realistic option for everyone in society.”
Massimo Resta, Partner at Zouk Capital said: “This latest commitment from the CIIF recognises Zest’s accelerating commercial momentum across its comprehensive portfolio of charging solutions. We have been delighted to see the company scale so quickly, a testament to the strong management team and the huge opportunity and responsibility we have in building a robust EV charging network throughout the UK.”
Zest provides EV charge point infrastructure for public and commercial landowners. We take away all the cost and hassle of installing charge points and create assured revenue opportunities. We are 100% backed by the government’s Charging Infrastructure Investment Fund (CIIF) for long-term stability.
Our mission is to make the shift to EV a realistic option for everyone, by rapidly growing a network that makes charging easy, convenient and available for all.