The investment is led by Par Equity, and is backed by a group of new and existing private investors and entrepreneurs with leadership position in the energy, automotive and tech markets. Alongside over £400,000 in recent government-funded research and development, with more to be announced, this latest injection of investment enables Fuuse to aggressively enhance innovation and functionality for CPOs, fleets and destination charging.
The announcement comes following a series of recent wins for the team, including United Utilities, Suez, SSE and British Airways to deliver enterprise charging solutions.
Michael Gibson, CEO of Fuuse said, “Fuuse is rapidly growing it’s market leading enterprise solution for EV charging as we continue our path to profitability. We have a robust pipeline of new projects with some major announcements to follow. We’re also building the foundations for the next wave of the EV revolution through our grant-funded innovation projects and we’re delighted to be ready to address the future demand we see coming down the road with the further support from our investors.
"The future is very encouraging and we are ready at the helm to strengthen our foothold in the UK, expand our offering in Ireland and springboard into new international markets by the end of the year.”
Alastair Moore, Senior Investment Manager at Par Equity said, “Fuuse continues to make incredible progress in establishing itself as a leading name in EV software, which is now the driving force in the wider EV charging market. As EV adoption ramps up it is essential that EV infrastructure owners and operators are ready and able to meet the needs of drivers, while managing the energy demand on the grid.
"With around 600 chargepoint connections needing to be installed every week through to 2030 in the North alone ahead of the ban on petrol and diesel vehicles, Fuuse is now expertly placed as the partner to large enterprises and public sector organisations as they scale their own EV infrastructure."
Earlier this year Fuuse announced the launch of a new suite of energy monitoring and management tools, FuuseEnergy, enabling confident EV transition to those seeking to balance the supply of electricity to their premises. Part of Fuuse’s roadmap to success is the evolution of their EV charging energy solutions, and innovations in V2X technology.
The team recently secured almost £200k in grant funding to develop an end-to-end V2X (vehicle-to-everything) DC microgrid solution for fleets. The project, part of the V2X Innovation Programme, is funded by the Department for Energy Security and Net Zero (DESNZ), delivered by Innovate-UK.