EV charging company Erapid secures €30m investment from Aviva Investors

Electric vehicle (EV) charging company Erapid Charger Company Limited (Erapid) has announced a €30 million investment by Aviva Investors to “rapidly expand” its operations in Ireland, creating 60 jobs.

Erapid trades in Ireland as EasyGo, Ireland’s largest private car charging network provider, and CarCharger EV Limited. Founded in 2018, Erapid is headquartered in Maynooth, Kildare and employs 28 people.

The €30 million in funding from Aviva Investors, the global asset management business of Aviva plc, will be invested on a phased basis to enable Erapid to “rapidly expand” CarCharger and EasyGo, increasing operational capabilities and its network of chargers.

Erapid plans to roll out more than 3,000 fast DC (direct current) chargers on to Irelands’s charging network by 2032. The company also plans to add more than 20,000 commercial AC (alternating current) chargers into apartment buildings, hotels and other key locations.

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The company already manages more than 4,000 charging points across the island of Ireland, which are used by more than 50,000 registered drivers.

Erapid said that the investment will lead to the direct creation of 60 Irish jobs, across operations, customer support and sales.

Chris Kelly, co-founder of Erapid, said that the EV sales market in Ireland is “booming”, but “needs the infrastructure to catch up”.

“This investment combined with our history of introducing the latest charging technology to Ireland means we are well positioned to create and scale a seamless EV charging network that supports a sustainable future,” he said.

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He added that the company is planning an overall brand refresh to “reflect the new vision and growth plans for the business”.

Adam Irwin, fund manager for infrastructure equity at Aviva Investors, said the investment “is a great opportunity for the money we look after on behalf of our clients to make a material contribution to delivering on the UK and Ireland’s net zero ambitions, whilst also meeting their long-term investment objectives”.

The investment is part of Aviva Investors’s climate strategy.

Irish-based merchant banking boutique Rubicon Capital Advisors, one of Erapid’s largest shareholders, will also increase its stake in the company as part of the transaction to further assist with the growth of the business.

Rubicon chief executive Conor Kelly said that its further investment in Erapid demonstrates its “confidence in the business, its two brands and its excellent management team to build Ireland’s premium EV car charger business and solidify its market-leading position”.