Erapid, the Irish electric car charging company, has just announced a €30 million investment in the firm by Aviva Investors, the global asset management business of Aviva (the ones with the insurance company and the football stadium).
More charging points
Erapid is better known in Ireland as EasyGo (which claims to be Ireland's largest private car charging network provider) and CarCharger EV Limited. The Aviva Investors money is being injected into Erapid as part of the investment arm's Climate Transition Real Assets strategy. The money will be used to expand - rapidly, says the company - CarCharger and EasyGo operations, including a boost in charging point numbers.
As part of the deal, Rubicon Capital Advisors, an Irish merchant banking boutique and one of Erapid's largest shareholders, will also be upping its stake in the company.
Erapid's plan is to roll out 3,000 DC fast chargers in Ireland by 2030, alongside 20,000 slower AC chargers for apartments, buildings, hotels and other key locations. That's in addition to the 4,000 charging points that are already in place, in use by some 50,000 Irish drivers, with 2,000 more customers being added each month. To manage all of this, the Erapid will establish a new corporate headquarters in Maynooth, which will also mean the creation of 60 new jobs.
Chris Kelly, co-founder of Erapid (pictured), said: "Today's announcement will accelerate our mission to decarbonise transport, providing accessible and efficient EV charging solutions across the island of Ireland and into the UK. As Ireland's largest owner and operator of charging stations, this strategic investment by Aviva Investors propels us into an exciting phase of growth. One of the immediate goals resulting from this funding is the significant expansion of our network, including the rollout of over 3,000 fast chargers. We will also be hiring for up to 60 new roles across operations, customer support and sales."
Seamless EV charging network
Mr Kelly added: "This marks an exciting new phase for Erapid and our two brands. With this funding, we will be strategically reviewing our market approach, with plans in place for an overall brand refresh to reflect the new vision and growth plans for the business. The EV sales market in Ireland is booming but needs the infrastructure to catch up. This investment combined with our history of introducing the latest charging technology to Ireland means we are well positioned to create and scale a seamless EV charging network that supports a sustainable future. We are delighted to be partnering with Aviva Investors, whose strong focus and presence in sectors including sustainability and commercial property mirrors our own. We look forward to working together to capitalise on synergies arising that can lead to future shared growth."
Adam Irwin, Fund Manager, Infrastructure Equity, at Aviva Investors said: "Our investment into Erapid and its two core brands CarCharger and EasyGo is a terrific opportunity to invest into one of our home markets and support the growing Irish and Northern Irish EV charging sector. Ireland has some of the lowest public charger to EV ratios in the EU, giving potential for substantial growth in the platform as part of the transition from internal combustion engines and towards electric powertrains. We view this as a great opportunity for the money we look after on behalf of our clients to make a material contribution to delivering on the UK and Ireland's net zero ambitions, whilst also meeting their long-term investment objectives."
Significant investment
Conor Kelly, CEO of Rubicon said "Our further investment into the Erapid business demonstrates our confidence in the business, its two brands and its excellent management team to build Ireland's premium EV car charger business and solidify its market leading position. We are also delighted to be making a significant investment in the build out of Ireland's essential, and much needed, EV car charging infrastructure which will greatly assist Ireland with meeting its 2030 targets as laid out in the Climate Action Plan 2023 (CAP23)."