The phased investment, which is being made by Aviva Investors as part of its Climate Transition Real Assets strategy, will enable Erapid to rapidly expand CarCharger and EasyGo, increasing operational capabilities and its network of chargers.
In addition, and as part of the transaction, Rubicon Capital Advisors, an Irish based merchant banking boutique and one of Erapid's largest shareholders, will also increase its stake in the company to further assist with the growth of the business.
Erapid plans to roll out over 3,000 fast DC chargers onto the national charging network by 2032. The company also plans to add over 20,000 commercial AC chargers into apartment, buildings, hotels and other key locations. To facilitate this next growth stage, the company's new headquarters will be based in Maynooth, where the company has also established an operations support centre of excellence.
Chris Kelly, co-founder of Erapid, said, "Today's announcement will accelerate our mission to decarbonize 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."
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."
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."
Erapid, through CarCharger and EasyGo, currently manages over 4,000 charging points in 1,500 locations across the island of Ireland which are currently used by more than 50,000 registered drivers. Approximately 2,000 new users have been added each month in 2023.