EO Charging has secured around $80m (£66.1m/ €75.1m) in equity investment to help drive its growth plans and global expansion strategy.

EO Charging founder and CEO Charlie Jardine

The funding comes from Vortex Energy and Zouk Capital, which will help EO Charging further expand its fleet charging solutions business in North America and across Europe, whilst maintaining its position in the UK.

Founded in 2014 by Charlie Jardine, EO develops smart charging solutions for electric car, van, truck and bus fleets. It serves some of the world’s largest fleet operators, including Amazon, DHL, Go-Ahead, and Tesco, and ranked 45 on the Financial Times’ FT1000 list of Europe’s fastest-growing companies in 2022.

The company’s solutions provide an end-to-end offering that gives customers everything they need to transition to electric at scale and pace – ranging from smart fleet consultations, AC and DC hardware and cloud-based management software to depot installations, grid connections, and 24/7/365 operations and maintenance service.

The latest round of fundraising was led by Zouk Capital, a leading investor in EV charging that’s been working with EO since 2018, joined by global energy transition investment firm Vortex Energy.

Charlie Jardine said: “We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital. The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets such as North America.”

Recent launches by EO Charging include its latest-generation EO Genius 2 and EO Mini Pro 3 chargers that debuted in 2022. Already this year, the company has debuted its MOBILITe multi-source financing and services platform, which will help fleets accelerate EV adoption via a fixed-price as-a-service solution, eliminating upfront capital investment while optimising EV savings.

“The transition to electric vehicles remains one of the most pressing challenges of our generation. Businesses everywhere are under pressure to move to a zero-emission fleet fast and require innovative solutions and trusted suppliers. EO has quickly established itself a leadership position in this emerging space. We have the funding and service offering to develop that leadership on a global scale as the market continues to grow and grow. I’m confident EO is in a strong position for 2023 and beyond,” Jardine continued.

Colin Campbell, partner at Zouk Capital, added: “EO is an exciting company – it dominates the fleet sector, and is growing rapidly in the truck and bus sectors. It is clear that EO has a very special opportunity ahead of it as the transition to net zero accelerates.”