Destination Charging refers to overnight charging that takes place at the end of a journey, usually as part of a longer trip. It normally utilises chargers located at a hotel, BnB or simply a friend's house en route. The important is that Destination Charging involves charging an EV to 100 percent overnight, which means it is much better than having to stop at two or three isolated chargers during the course of the journey itself. This in turn makes the journey faster, rather than slowing it down.
Wattif EV has recently installed its first charging points in the UK and secured a 50 million euro investment. The company is seeking to accelerate the electrification of the UK parking network by providing hassle-free access to charging infrastructure. It is also providing the car parks’ landlord or owner the choice of a number of finance models whereby they can benefit from a share of net revenue, whilst rolling out a wider geographical range of ‘fast’ charge points which are cheaper to install and use than the traditional and more expensive, rapid charging options. In this way, the company offers a genuine win:win, for those hosting the charging network and those car drivers using it.
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, a technology provider to Wattif EV, has raised $16 million in venture capital investment, having closed a Series A funding round of $13 million 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’s management team, including MD, Stephen Rees, and Global VP of Marketing, Janis Prescott, celebrated Wattif EV’s 50 million euro 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. Just two years after being formed in Norway, 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.
“Significant European investments into our own business shows that UK expansion is built on solid foundations and becomes an integral part of our plans to establish a leading European wide network of EV destination chargers” said Robert Svendsen, Wattif EV CEO. “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. Actions speak louder than words and 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.”
For additional information:
