Norwegian charge point provider Wattif EV to spend €50m in UK EV network

Norwegian EV charge point company Wattif EV is planning a €50 million investment in UK charging infrastructure. The company wants to set up charge points in public car parks, and wants to encourage car park operators to install the chargers by offering them a profit share.

Wattif EV opened its first UK charge points in Cambridge toward the end of 2022, and it is now planning to install more in Leeds and at locations in Scotland, and it is in discussions to open “thousands” more within the next 18 months.

In a statement, the company outlined its approach: “In establishing destination charge points where people park, rather than forcing EV drivers to park where they can charge, Wattif EV seeks to accelerate the electrification of the UK parking network by providing hassle-free access to charging infrastructure.”

“Simultaneously, Wattif EV provides the car parks’ landlord or owner the choice of a number of finance models whereby they can benefit from a share of net revenue, while rolling out a wider geographical range of ‘fast’ charge points which are cheaper to install and use than the traditional and more expensive, rapid charging options.”

Wattif EV UK has taken on a €50m investment from Luxembourg-based investment fund Marguerite in order to fund the expansion.

Wattif EV CEO Robert Svendsen said: “Significant European investments into our own business shows that UK expansion is built on solid foundations and becomes an integral part of our plans to establish a leading European wide network of EV destination chargers.”

He added: “To hit the UK’s 2030 EV targets there needs to be strong support from business, local authorities and Government to establish a coordinated strategy delivering EV cars, EV infrastructure and EV battery supply. Actions speak louder than words and I believe business must lead this charge given all the pressures on the UK Government right now: our strong end to 2022 and start to 2023 shows that Wattif EV is ideally placed to be a critical path to that ambition.”

Svendsen concluded: “Charging en-route at service stations is not viable long-term – charging without thinking, planning or worrying, at home and destination, is key to driving growth of EV sales.”