RAW Charging raises growth capital to accelerate its £250 million EV charger installation plan

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RAW Charging, (“RAW” or “the Company”) one of the largest UK electric vehicle charge point operators focused on destination charging, is pleased to announce a successful growth capital fundraise that will support its £250 million EV charger installation plan. The raise was funded by Antin Infrastructure Partners (“Antin”), a leading private equity firm focused on infrastructure investments.

Highlights:

– Antin has invested in order to help RAW accelerate delivery of its pipeline, targeting installation of 10,000 charging points in the next 3 years. RAW is expecting to have over 1,000 charging points operating by December 2022.

– RAW’s strategy remains unchanged – to build a leading network of destination EV chargers, for blue chip customers, such as Aviva Investors, abrdn, Greene King and McArthurGlen

– The investment forms part of Antin’s wider deployment of capital in EV charging across Europe
Rodolphe Brumm and Leonardo Adami, Antin Infrastructure Partners, will join the Board of RAW

– Charging, providing additional expertise to an already highly experienced Board of Directors
Market Context:

In the UK, to meet Government targets, 100% of new registrations must be battery electric by 2035. To achieve full electrification, significant private and public infrastructure investment will be required.

In March 2022, the Office for Budget Responsibility (OBR) increased its forecasts for the share of EVs to 59% in 2026-27, up from 29% in its October 2021 outlook. This would put the UK on a similar path witnessed in Norway six years ago, which now has over 90% EV penetration. This rapid increase presents significant opportunities across the automotive services and technology industry, and the UK Government has set a target of 300,000 public charge points by 2030.

Destination Charging:

With an estimated 45% of drivers needing to charge their EVs away from home, EV charging infrastructure is a valuable amenity in futureproofing work leisure and domestic locations across the country.

In order to meet the huge demand for public chargers, RAW is operating in the underserved, high-growth destination EV charging marketplace. The Company has established a network of EV charging infrastructure assets to enable EV drivers to charge their vehicles at their destinations, typically at workplace, leisure facility or transport hub carparks. The Group has a pipeline of 4,000 sites as it seeks to rapidly roll-out destination charging to meet the UK public’s needs.

RAW’s Network:

2021 was a year of rapid growth for RAW as it delivered on its strategy of helping real estate owners with their EV charging requirements. The Company has recently won a number of major contracts with blue chip customers such as Greene King, for whom RAW is installing chargers across 800 pubs and hotels; McArthurGlen, where RAW is installing EV chargers at designer outlets; and Aviva Investors, for whom RAW is providing EV charging at 60 commercial property sites.

RAW has also recently acquired Franklin EV Limited, adding 128 EV charging points and a further 370 managed chargers to the RAW asset base, which is expected to reach over 1,000 charging points by December 2022.

Outlook:

RAW has grown rapidly as the need for EV charging solutions increases ahead of the 2030 deadline in the UK. The Company has a pipeline of over 4,000 sites and 40,000 chargers which it is seeking to rapidly install. The fundraise will enable RAW to continue this development as the Company continues to partner with blue-chip customers, such as Aviva and Greene King, to provide destination charging for EV drivers.

Bruce Galliford, CEO, RAW Charging, said:

“We are delighted and excited to have found the right partner in Antin for the next stage of our development. With the fantastic growth over the last four years, thanks to the hard work of the brilliant RAW team, it is perfect timing to move on to the next stage with Antin joining us on the journey. The market for destination charging is growing and supported by policy in both the UK and Europe. We believe our business model is perfectly placed to generate captive returns for our investors from a large portfolio of EV assets and we look forward to continuing to deliver on our growth plans.”

Rodolphe Brumm, NextGen Partner at Antin, said:

“This new investment signals Antin’s strong commitment to advancing the use of electric vehicles, thus contributing to reducing carbon emissions. We firmly believe the private sector, alongside government, will play a key role in realising the UK’s ambitious electric vehicle infrastructure strategy, which includes the aim to reach 300,000 public EV charge points by 2030. We look forward to working with RAW’s management team to help transition the UK transport sector to low carbon by the decade’s end in line with our NextGen strategy.”

Jonathan Turner, CEO, Bayford Group, said:

“We are pleased to have Antin join Bayford as an investor for the next stage of RAW’s growth. Bayford, alongside Antin and the Board of Directors, are excited for the opportunities ahead as RAW delivers on this once-in-a-generation electric vehicle charging opportunity.”

Bryan Cave Leighton Paisner acted as legal advisor to RAW and its current shareholders, with Longspur Capital acting as their financial advisor.

END