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Energy Park, a prominent player in electric vehicle (EV) charging solutions, has announced a substantial £35 million investment from Zouk Capital. This capital infusion aims to accelerate the company's efforts to provide charging facilities to residential sites across the UK.
Specializing in charging solutions for blocks of flats with communal parking areas—a segment often neglected in the UK's EV charging infrastructure—Energy Park seeks to address the imbalance created by the prioritization of driveway and public charging facilities. The company emphasizes that communal areas have been "largely overlooked" despite their potential impact.
The funds from Zouk Capital, the manager of the UK Government's £420 million Charging Infrastructure Investment Fund (CIIF), will be instrumental in expanding Energy Park's footprint. Established in 2019 and anchored by HM Treasury, the CIIF is dedicated to developing EV infrastructure nationwide.
Energy Park's mission is to enhance the adoption of EVs in the UK by improving access to charging in communal parking areas at residential sites. With approximately 100,000 blocks of flats in the UK, the company envisions making EV ownership a viable option for everyone, regardless of their living situation.
Residents in blocks of flats often face limited access to EV charging points and pay rates comparable to higher public charging fees.
Energy Park aims to change this by offering more affordable charging points. The company collaborates with residential landlords, including housing associations, private landlords, and property management companies, to eliminate financial and operational barriers to large-scale EV infrastructure investment. They provide a fully managed and funded solution that is scalable.
Additionally, Energy Park will offer bespoke EV charging solutions tailored to residential destination operators, such as holiday parks and hotels, ensuring a comprehensive approach to expanding EV infrastructure.
With this significant investment, Energy Park is poised to revolutionize EV charging accessibility, driving the UK's transition to sustainable transportation by making EV ownership practical and affordable for all residents.
Energy Park's founder Gavin Malone welcomed the news of the investment, adding: "The demand for affordable EV charge points at apartment buildings and residential destinations is increasing rapidly, and with Zouk's funding, we can grow quickly to become a leading provider of tailored EV charging solutions for more residential landlords.
"With our fully managed and funded approach, we make the process as straightforward as possible. We remove any of the stress associated with an initial capital outlay or the ongoing management and maintenance of the charge points while also creating a customer-centric proposition that will help landlords build long-term relationships with their residents."
George Ridd, the partner at Zouk, said Energy Park was targeting the "huge number of drivers in the UK who rely on communal residential parking facilities and for whom accessing the convenience of charging at home has not been straightforward."
"With their deep knowledge and expertise in EV charging solutions, and their offer of fully funded and scalable EV charging infrastructure, Energy Park is on a mission to remove barriers, unlock demand, and ultimately accelerate the electrification of the UK's vehicles," he added. "This is fully in line with the CIIF's central objective, and we at Zouk are very excited to be joining Gavin and his team on their journey."
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