21/11/2023 News article - Fleet news article

09/11/2023 Press release

New UK EV Charging Operator Zapgo announces £26m investment to install Rapid and High Power Chargers across the UK 

London, 09/11/2023 – Zapgo, a UK-based electric vehicle (“EV”) charge point operator, announces the launch of its UK operations following a £25m investment by Toronto-based OPTrust alongside coinvestment from Zapgo’s management team and founders, Kingsley Capital Partners (“Kingsley”).

Zapgo will deploy the funding towards its target of rolling out a network of 4,000 Rapid (50-99KW) and High Power Chargers (“HPC”) (>100KW) in destination locations across the UK, targeting areas where consumers are currently underserved by EV charging infrastructure.  In line with its strategy to become the leading Rapid / HPC charging network in key areas of the UK, the move will significantly enhance motorists’ confidence by reducing ‘range anxiety’, shortening charge times, and promoting EV adoption as the UK continues on its path to net zero.

Zapgo’s management team comprises deeply experienced infrastructure professionals, led by CEO Steve Leighton, the founder and former CEO of Voneus Broadband; COO Ross Mabon, the former COO of BP Pulse and Egg (Liberty Global’s EV charging business); CFO Peter Ward, the fomer CFO of WightFibre and CTIL; and General Counsel Dilukshi Lineage, formerly General Counsel at Wildstone and EV manufacturer Arrival.  Zapgo’s non executive Chair is Paul Hellings, who continues to be part of Fern Fibre Trading, and is the former CEO of Shell Energy UK and MD of Virgin WiFi.

OPTrust will invest £25 million to acquire a majority stake in the Company, in a fundraise and transaction that began over the summer and closed in less than four months. Kingsley and its management team have also co-invested in the round taking the total fundraise to over £26 million.

Steve Leighton, Chief Executive Officer of Zapgo, said: “Zapgo’s launch today unlocks the opportunity for EV adoption by many more consumers in areas of the UK currently underserved by existing charging infrastructure. The investment by OPTrust and Kingsley enables Zapgo to roll out its charging network, break down barriers to EV adoption, and strengthen confidence in the UK’s EV charging infrastructure among consumers. We look forward to working alongside local landowners and planning authorities to deliver this critically important fast charging infrastructure, which promises to bring convenience quickly to existing motorists and the opportunity for EV adoption to many more UK consumers.”

Morgan McCormick, Senior Managing Director, Head of Europe, OPTrust said:  “OPTrust’s investment in Zapgo and their team of strong leadership reflects not only the exceptional opportunities within the UK energy sector, but also our commitment to long-term responsible investing. Together, we are contributing to the UK’s energy transition while investing sustainably for the long-term health of our pension.”

Neil Mahapatra, Managing Partner of Kingsley Capital Partners, said: “It’s been fantastic working with Steve and his incredible team. We could not be happier that OPTrust has now invested in the business. Morgan and his colleagues have been an absolute pleasure to work with on the transaction and are a wonderful long-term partner for Zapgo. We are looking forward to continuing the journey with OPTrust, Steve, and his team in the years ahead.” 

Zapgo, the Zapgo management team and Kingsley Capital were advised by CMS Law. Tax structuring was completed by EY and both EY-Parthenon and EV Driver conducted Commercial Due Diligence.

- ENDS –