Northern Ireland-based EV charging company Weev has announced a £50 million investment from investor Octopus Investments.

Weev said the funding would help it to roll out its plan to address a lack of EV charging infrastructure in Northern Ireland.

Citing the Department for Transport, Weev said Northern Ireland has just 20 public charge points per 100,000 people whereas the UK average is 60.

“This investment from Octopus enables a major expansion to the size and scope of the rollout we announced at launch last year,” said Weev chief executive Philip Rainey. “We can now increase our focus on providing more rapid and ultra-rapid charging hubs in response to growing demand from EV drivers.”

The announcement marks the first investment for Octopus Sustainable Infrastructure Fund (OSIF) – a strategy announced last year with UK Infrastructure Bank providing cornerstone investment.

Lukasz Michalak, investment director, sustainable infrastructure at Octopus commented: “By backing Weev, we see a great opportunity to deliver a positive impact to Northern Ireland’s communities while meeting the financial objectives of the fund.”

The news follows the UK government's announcement that it would be providing £56 million in additional funding to increase the amount of EV chargepoints across the UK.

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