Shoosmiths advises EV Chargers LTD (EVC) on transformational £165m investment

Law firm Shoosmiths has advised UK-based electric vehicle charging company EVC on a deal securing up to £165 million capital from funds managed by Denham Sustainable Infrastructure (DSI), an arm of global energy transition investment firm, Denham Capital.

The investment is one of the largest ever seen in the electric vehicle (EV) sector and will be used to accelerate EVC’s ambition to deliver up to 100,000 EV charging points across the UK by 2027 and secure portfolio opportunities with larger landlords. 

Through boosting destination EV charging infrastructure, EVC aims to eliminate the so-called ‘range anxiety’ experienced by EV drivers concerned about finding reliable charge points. Projects range from individual chargers through to larger EV charging hubs and utilise charging points with a capacity between 22kW and 300kW.  

EVC’s core focus is on providing convenient, practical, and reliable ‘destination’ charging options for its growing customer base. EVC installs capital-free EV charge points, under long-term contractual lease agreements, at ‘destinations’. These include hospitality, leisure and retail venues, workplaces, and multi-dwelling residential units. Ensuring convenient and practical EV charging at their destination means customers, staff and residents no longer need to take time out of their journey to charge on the way.  

EVC’s fully funded solutions aim to meet the demands of the EV industry, providing innovative and scalable charging infrastructure alongside charging management software. This includes managing any planning requirements, undertaking the installation and maintenance of each charger. For landlords who want to invest their own capital, EVC offers a managed service, whereby EVC undertakes the installation and operates the EV charger on the landlord’s behalf. 

EVC was founded in early 2020 and has attracted customers under long-term lease agreements as it has developed and refined its business model. To date, the company has been funded by Oasthouse Ventures, James Randall, Lucky Gohler and through capital raised in 2022 from high-net-worth individuals. The partnership with Denham Sustainable Infrastructure will propel EVC as it moves to the next phase of its growth.

Shoosmiths corporate partner Helen Burnell advised EVC on the deal with support from Charlotte Cannell (senior associate, corporate), Alice Richmond (associate, corporate) and the wider Shoosmiths’ team including Dan Sharman (partner, tax incentives), James Lindon (legal director, tax incentives), Sarah Buxton (legal director, tax incentives) Pav Clair (principal associate, employment), Calum Stacey (legal director, commercial) and Richard Blatchly (principal associate, commercial).

Nick Ballamy, CEO at EVC, said:

“This investment, which is one of the largest ever seen in the EV sector, comes at an important time for EV infrastructure, when more people are looking to buy electric vehicles and the UK is looking to meet its net zero goals. This move means that we can accelerate delivery to meet the demand. Our plans will enable more EV drivers to have easy access to our network, and will also drive footfall to our clients’ sites. 

“Shoosmiths has an excellent reputation for advising on infrastructure deals and I would like to extend our thanks to Helen and the team for their invaluable and vital support securing this transformational investment for EVC.”

Helen Burnell, client partner and corporate partner at Shoosmiths, said:

“It’s been a pleasure to advise EVC on their latest investment from Denham Capital. We are very pleased to have been able to support the fantastic team at EVC on this investment which comes at a pivotal time for EV infrastructure. EVC’s plans will build more confidence that infrastructure for EVs is growing rapidly. I believe this is a truly transformational deal not only for EVC but for the sector and wish EVC and Denham the very best on implementing their plans.”

Shoosmiths’ Energy and Infrastructure team has advised on several EV investments in recent months and is one of the UK’s leading legal teams building on the firm’s long-standing pre-eminence in the mobility sector, advising many major automotive manufacturers on other different aspects of EVs. 

James Wood-Robertson, head of the Energy & Infrastructure sector at Shoosmiths, said:

“Shoosmiths is helping to push the UK forwards on its EV journey by assisting clients developing, investing in, and adopting a range of EV charging infrastructure. This is a huge deal, which will help to deliver vital destination EV charging infrastructure and provide a further boost to customer confidence needed to get more electric vehicles on the road.”

Disclaimer

This information is for general information purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. Please contact us for specific advice on your circumstances. © Shoosmiths LLP 2024.

 


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