EO Charging has secured £66 million investment following its SPAC listing failure.

Last year the global electric vehicle infrastructure network agreed a $675m merger with special purpose acquisition vehicle First Reserve Sustainable Growth to list in New York.

However the slump in public markets killed the deal.

Now the Stowmarket-based company, founded in 2014, has been backed by Vortex Energy and Zouk Capital at a lower valuation.

Vortex Energy is backed by Egypt-based EFG Hermes and Abu Dhabi’s sovereign investor, while Zouk Capital manages the UK Treasury’s £420m Charging Infrastructure Investment Fund.

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EO has built a network of around 80,000 chargepoints, including at Amazon, DHL and Uber depots, plus Tesco supermarkets.

It will now look to expand its business in Europe and the US, where the government has promised $370 billion for CleanTech firms under the Inflation Reduction Act.

In the UK it is focused on the bus and growing consumer market.

“I’m confident EO is in a strong position for 2023 and beyond,” said founder Charlie Jardine. “The transition to electric vehicles remains one of the most pressing challenges of our generation.”

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