EV charging business raises £2.5m in follow on funding
EV charge point management platform Fuuse have announced a £2.5m in follow-on investment from Par Equity.
The funding is to expand Fuuse’s EV charging platform in the UK and Ireland, and building sales and support teams to serve forecasted demand and wider expansion plans, including innovation and functionality for fleet and destination charging.
Private equity funder Par Equity has also been backed by a group of new and existing private investors and entrepreneurs from the energy, automotive and tech markets.
Fuuse was awarded over £400,000 in a recent round of government-funded research and development grants, including a project to develop an end-to-end V2X (vehicle-to-everything) DC microgrid solution for fleets. The project, part of the V2X Innovation Programme, is funded by the Department for Energy Security and Net Zero (DESNZ), delivered by Innovate-UK.
Fuuse has also recently secured deals with United Utilities, Suez, SSE and British Airways to deliver enterprise charging solutions.
Lancaster-based entrepreneur Michael Gibson started Fuuse in 2021. A well known personality in the Lancashire business community, he sold his agency Fat Media in 2015, building it up from a small office in Lancaster to be one of the largest digital and creative marketing agencies in the UK. He was also the driving force behind Digital Lancashire to raise the profile of tech businesses in the county.
Gibson, chief executive of Fuuse, said: “Fuuse is rapidly growing it’s market leading enterprise solution for EV charging as we continue our path to profitability. We have a robust pipeline of new projects with some major announcements to follow. We’re also building the foundations for the next wave of the EV revolution through our grant-funded innovation projects and we’re delighted to be ready to address the future demand we see coming down the road with the further support from our investors.
“The future is very encouraging and we are ready at the helm to strengthen our foothold in the UK, expand our offering in Ireland and springboard into new international markets by the end of the year.”
Alastair Moore, senior investment manager at Par Equity said: “Fuuse continues to make incredible progress in establishing itself as a leading name in EV software, which is now the driving force in the wider EV charging market. As EV adoption ramps up it is essential that EV infrastructure owners and operators are ready and able to meet the needs of drivers, while managing the energy demand on the grid.
“With around 600 chargepoint connections needing to be installed every week through to 2030 in the North alone ahead of the ban on petrol and diesel vehicles, Fuuse is now expertly placed as the partner to large enterprises and public sector organisations as they scale their own EV infrastructure.
“At Par Equity we have been inspired by the team’s constant innovation and ability to lead the market with new features that deliver further benefits to customers as the EV charging market evolves. We are incredibly excited to see where Fuuse goes from here.”
Earlier this year Fuuse announced the launch of a new suite of energy monitoring and management tools, FuuseEnergy, enabling confident EV transition to those seeking to balance the supply of electricity to their premises.
