EDF Energy has entered into a partnership with NEoT Capital to accelerate the delivery of key infrastructure for electric vehicles in the UK.
The energy supplier, which recently launched its ‘Generation Electric’ campaign and a new EV offer, will become NEoT’s preferred partner to provide EV charging infrastructure engineering, procurement, and construction and management services.
In turn, NEoT Capital – which specializes in distributed renewable energy and zero emission mobility – will act as EDF Energy’s preferred provider for financing EVs, particularly electric buses and batteries, and related infrastructure.
Demand for EVs is continuing to rise, with the average number of electric cars registered jumping by 900 percent between 2014 and 2018, according to the Society of Motor Manufacturers and Traders. This has led to an urgent need for widespread EV infrastructure across the UK. However, current investment by businesses in fleet EV operations is limited, with few businesses able to finance the large-scale holistic energy systems that will ensure the future cost efficiency of EVs, such as battery storage and vehicle-to-grid systems.
Both EDF Energy and NEoT Capital have invested heavily in new energy technologies in recent years. This partnership aims to combine their capabilities in order to support more meaningful investment into EVs, providing business customers with an end-to-end proposal for financing and infrastructure.
Philippe Ringenbach, CEO at NEoT Capital, said, “NEoT has the ambition to help its customers, notably cities and private operators, finance their transition to eMobility. We have the ability to invest up to €150 million in Europe by the end of 2020 and we believe that the UK market is one of the most dynamic.”