Image: EO Charging
EO Charging said it has completed a GBP25m recapitalisation backed by its existing investors, Zouk Capital and Vortex Energy, alongside an increased debt facility from HSBC, to support the next phase of its growth and fleet electrification strategy in the UK and Europe.
The shareholder-led funding follows a strategic restructuring that includes EO’s planned exit from the US market and the sale of its domestic EV charger hardware and manufacturing business to Cogent Technologies, part of the Heathpatch Group.
The move enables the company to focus on its software, services, and infrastructure-as-a-service (IaaS) offering for commercial fleets and heavy goods vehicles.
EO said the fresh capital will accelerate the deployment of its commercial-grade charging infrastructure and its flagship platform, Charge Assurance, which provides fleet operators with visibility, management, and energy optimisation tools.
Investors’ confidence in EO’s evolved strategy
“This investment underscores our shareholders’ confidence in EO’s evolved strategy and long-term vision,” said chief executive Richard Staveley. “We are doubling down on what we do best: delivering reliable, commercial-grade charging infrastructure and intelligent software that helps fleets electrify and perform at scale.”
Zouk Capital Partner and head of infrastructure Massimo Resta said EO’s renewed strategy “aligns perfectly with where the fleet electrification market is heading, towards scalable, software-enabled infrastructure solutions.”
Bakr Abdel-Wahab, CIO at Vortex Energy, added that electric mobility and smart infrastructure were “becoming foundational to fleet and bus operations across the UK and Europe,” and that EO was “well-positioned for its next phase of growth and further strategic moves.”
EO, which has more than a decade of experience in EV charging infrastructure, serves global fleet operators including Amazon, DHL, UPS, Tesco, GoAhead, Metroline, Stagecoach, and FedEx.
