EZO has reached financial close on a €150 million investment-grade, non-recourse senior debt facility to finance the development of more than 3,000 electric vehicle charge points across the UK and Ireland.
The financing will support the design, installation, operation, and maintenance of charging infrastructure representing more than 100,000 kW of capacity. Most of the planned sites will be developed under long-term public-sector concession arrangements with features similar to public-private partnerships.
EZO estimates the charge points could generate well over £1 billion in electricity sales during the next 20 years. A portion of that revenue will be shared with public-sector partners, and the chargers are expected to revert to the public sector when the applicable concessions end.
The debt financing was provided by a consortium of lenders including Aberdeen Investments and Standard Life. EZO said the structure is believed to represent the first investment-grade financing of its type for EV chargers across the UK and Ireland, with revenue generated by the assets ring-fenced to repay the debt over a seven-year period.
Ireland-headquartered EZO has been expanding rapidly into mainland Britain and expects the UK to become its primary EV charging market by 2027. The company has secured local authority-backed public charging contracts in the UK with a combined estimated value exceeding £1 billion.
These agreements include a 20-year concession spanning four counties in Northern Scotland and a 15-year concession across four counties in the English Midlands. EZO said it expects to announce additional significant public-sector contracts in the coming months as it pursues opportunities across Scotland, England, and Wales.
The concessions can include access to desirable charging locations, flexible pricing, regional exclusivity, help with permits and grid connections, and, in some cases, public funding to support deployment. Certain arrangements also include revenue-sharing mechanisms designed to return value to the public sector over time.
EZO is majority owned by Rubicon Capital Management and affiliated entities, including Rubicon Capital Advisors. Rubicon initially acquired a 35% interest in EZO in 2020 and has since increased its ownership to more than 60%, including additional shares acquired alongside the latest financing.
The shareholder group has also added Whitehole, a Spain-based family office with experience in electrification technologies supporting sustainable mobility. Rubicon acted as sole financial advisor to EZO on both the debt and equity capital raises and has been retained to explore additional financing options, including a potential IPO in 2028.
KEY QUOTES:
“EZO’s clear ambition is to make reliable public EV charging more accessible for drivers and communities and we have now demonstrated we can successfully compete for some of the largest and most significant EV infrastructure opportunities in the United Kingdom, while continuing to grow our network and partnerships at home in Ireland. Our focus is on working with strong public and private sector partners to build charging networks at scale across Ireland and the UK. The backing of our investment partners gives us the financial strength to deliver on those commitments, continue investing in our people and technology, and pursue the next generation of opportunities in the EV infrastructure market.”
Ollie Chatten, CEO Of EZO
“This funding represents a significant vote of confidence in EZO, its team and the long-term infrastructure partnerships EZO has secured. We understand this to be the first example of the application of this framework of financing in the EV charging sector and it is expected to become the preferred method of financing this collateral going forward. We are delighted to have executed upon these transactions for the company which build on Rubicon’s long-term support for EZO and its growth in the sustainable transport infrastructure market.”
Conor Kelly, CEO Of Rubicon
