Erapid Charger, headquartered in Maynooth, Ireland, specializing in electric vehicle (EV) charging solutions, has proudly unveiled a substantial investment of €30 million from Aviva Investors, the global asset management arm of Aviva plc.
Erapid, operating in Ireland under the names CarCharger EV Limited and EasyGo, has secured a substantial €30 million investment from Aviva Investors, the global asset management arm of Aviva plc. This funding will enable the company to establish 60 new job positions in Ireland and embark on the deployment of thousands of fast-charging units.
Chris Kelly, co-founder of Erapid, emphasized the transformative impact of this announcement on their mission to drive decarbonization in the transport sector. The investment from Aviva Investors will support their goal of providing efficient and accessible EV charging solutions throughout Ireland and the UK. As Ireland’s largest owner and operator of charging stations, this strategic investment marks the onset of an exciting phase of growth for Erapid. A major outcome of this funding is the ambitious expansion of their network, encompassing the rollout of more than 3,000 fast chargers, accompanied by the recruitment of up to 60 new employees across various roles, including operations, customer support, and sales.
Aviva Investors’ investment is directed towards Erapid’s Climate Transition Real Assets strategy, which will facilitate the rapid expansion of the CarCharger and EasyGo services. This expansion is set to enhance operational capabilities and extend the charging network.
As part of this transaction, Rubicon Capital Advisors, a prominent Irish-based merchant banking boutique and one of Erapid’s significant shareholders, will further increase its stake in the company to bolster its growth.
Erapid is dedicated to installing 3,000 fast DC chargers on the national charging network by 2032, alongside over 20,000 commercial AC chargers in crucial locations such as apartments, hotels, and commercial buildings. The company plans to establish its new headquarters in Maynooth and has introduced an operations support center of excellence to facilitate its forthcoming growth endeavors.
Erapid: Pioneering the Electric Vehicle Charging Revolution
Established in 2016, Erapid stands as a prominent EV charge point operator and a comprehensive turnkey solutions provider in the dynamic Irish market.
Through its EasyGo brand, Erapid’s EV charging network spans across more than 1,500 locations encompassing both Ireland and Northern Ireland, boasting a substantial offering of over 4,000 charging points for customers. Access to this expansive network is facilitated through the user-friendly EasyGo app, which has already garnered the registration of over 50,000 drivers. The app’s appeal continues to surge, with approximately 2,000 new users joining each month since the onset of 2023.
Moreover, Erapid’s service portfolio extends to supplying, installing, and efficiently managing EV charging points and stations. These services cater to a diverse range of clients, encompassing private individuals, commercial enterprises, and public sector entities. Offerings span the spectrum from chargers designed for domestic and apartment use to those tailored for workplace and business requirements, as well as fleet management.
Chris Kelly, co-founder of Erapid, regards this development as a remarkable milestone for Erapid and its associated brands. With this significant infusion of funding, strategic evaluations are underway to revamp the market approach. Plans are in motion for an encompassing brand revitalization, reflecting the new vision and expansive growth strategies of the business.
Mr. Kelly emphasizes the booming electric vehicle sales market in Ireland and the imperative need for infrastructure to catch up. This investment, combined with Erapid’s history of introducing cutting-edge charging technology to Ireland, positions the company favorably to establish and scale a seamless EV charging network, driving sustainable progress. The partnership with Aviva Investors is seen as a testament to shared values and synergies in sectors like sustainability and commercial property, setting the stage for future growth prospects.
About the Investor
With its headquarters situated in London, Aviva Investors stands as the global asset management division of Aviva plc.
Dedicated to providing investment management solutions, services, and delivering performance aligned with client objectives, Aviva Investors extends its expertise and reach to clients worldwide.
Aviva Investors maintains a robust presence across 14 countries spanning the Asia Pacific, Europe, North America, and the United Kingdom. As of December 31, 2022, the company boasts an impressive £223 billion in assets under management.
Adam Irwin, Fund Manager specializing in Infrastructure Equity at Aviva Investors, underscores the significance of their investment in Erapid, encompassing the company’s two pivotal brands, CarCharger and EasyGo. This strategic move offers Aviva Investors a remarkable opportunity to invest in one of their home markets while supporting the burgeoning EV charging sector in both Ireland and Northern Ireland.
Irwin recognizes the unique potential within Ireland, marked by one of the lowest public charger to EV ratios in the European Union. This situation presents a substantial growth opportunity as the transition from internal combustion engines to electric powertrains gains momentum. Aviva Investors perceives this investment as a means to significantly contribute to the realization of the UK and Ireland’s net-zero objectives while concurrently fulfilling their long-term investment objectives for clients.