Electric vehicle (EV) charge point operator EasyGo has secured an additional €15 million funding to extend its network in the Republic and expand into Northern Ireland.
The Kildare-based group is now the State’s largest provider of EV charge points with a network of 2,300, used by 14,000 EV drivers.
It said the additional equity from its backers, which include Rubicon Capital, DunPort Capital and Air Core, would see 500 rapid chargers rolled out at retail, town centre and hospitality locations across the island.
A typical rapid charger will add 100km of range to an EV in less than 15 minutes.
EasyGo said its expanded network would address a significant deficit in charge infrastructure across the island “alleviating range anxiety which is one of the critical barriers to fostering greater EV usage in the country”.
"As a fast-growing Irish business in the energy transition sector, this investment accelerates the final component of our strategy, complementing our sister company CarCharger EV Ltd that has been successfully installing and operating EV chargers in homes and workplaces across Ireland for over five years," EasyGo financial director Rob Sheehan said.
“Drivers will be able to charge at home, at work, and now in public charging stations across the island,” he said.
According to Sustainable Energy Authority of Ireland, there are more than 41,000 electric vehicles and plug-in hybrids on Irish roads but this number is expected to accelerate rapidly on foot of Irish Government policies on climate change and growing consumer demand for affordable, greener motoring solutions.
Under its climate action plan for 2030, the Government aims to have almost a million electric vehicles on Irish roads by the end of the decade.
In last week's budget, Minister for Finance Paschal Donohoe extended the €5,000 vehicle registration tax rebate scheme until the end of 2023.
The Government's Tax Strategy Group had recommended extending it, but reducing the threshold to €30,000.
"This is a transformative moment for both EasyGo and the Irish transport sector," managing director of Rubicon Capital Advisors, Aeneas Griffin, said.
“As global demand for EVs continues to grow exponentially while at the same time nations struggle to decarbonise the transport sector, public EV charging is a critical enabler to fulfilling both the needs of drivers and national policy objectives,” he said.
EasyGo recently signed a deal with telecommunications firm Eir to convert 180 former telephone kiosks into rapid charge points.