Commercial fleet electrification firm Vev has secured major growth investment led by Jolt Capital, marking its transition to an independent company as it targets rapid expansion across Europe.

Clara Audry, general partner at Jolt Capital

The funding round, which includes co-investment from Finland’s state-owned investment company Tesi, involves the complete acquisition of the stake previously held by Vitol, the world’s largest independent energy trader.

Vev, which is headquartered in the UK, will use the fresh capital to drive a targeted corporate acquisition strategy and to accelerate product innovation, as the company expands into new markets including France, Germany and the Netherlands.

Mike Nakrani, CEO of Vev, said: “Vitol’s support enabled us to establish the business in a market that has evolved at pace. Now, as an independent company backed by Jolt Capital and Tesi, we are well-positioned to accelerate our expansion, broaden our capabilities and support customers across Europe.”

Vev’s move to independent ownership comes as the business reaches a milestone of 6,000 commercial EVs served across Europe. This includes more than 5,000 vehicles in the UK alone, where VEV powers over 20% of the heavy-fleet energy market for major operators such as Stagecoach and Maritime Transport.

Founded by Vitol, Vev combines fleet strategy, charging and energy infrastructure, energy supply and operational services in a single offering, reflecting the convergence of the transport and energy sectors.

Central to the company’s fleet electrification approach is Vev IQ, an intelligent data and energy management platform. The software gives fleet operators real-time visibility and control over their vehicles, chargers and onsite energy assets through a unified interface. To date, the platform has been rolled out across more than 600 sites spanning the transport, logistics and waste management sectors.

Mike Nakrani commented: “For fleet operators, the challenge is no longer simply choosing electric vehicles. It’s about integrating infrastructure, energy and operations in a way that is reliable, cost-effective and scalable. We see EVs as a critical part of the future energy system, where vehicles, charging infrastructure, onsite generation and battery storage work together to strengthen resilience, reduce costs and unlock greater value from electrification.

“The business has expanded rapidly as the sector moves from early adoption to large-scale deployment. We see significant opportunities ahead through targeted acquisitions and continued product innovation, drawing on our expertise across both transport and energy to help customers electrify fleets at scale.”

Clara Audry, general partner at Jolt Capital, said: “Technology has transformed how consumers manage energy – commercial transport is now at a similar inflection point. As fleets electrify, the challenge lies in intelligently managing the flow of energy across vehicles, depots and power networks. Success will belong to companies that combine software, energy expertise and operational execution at scale.”