Aviva is to invest up to £110m in the UK-based electric vehicle (EV) infrastructure specialist Connected Kerb.
Connected Kerb says that the multi-million-pound investment into UK public charging infrastructure - made through Aviva Investors, the global asset management business of insurer Aviva - will be critical to delivering the Government’s plan of installing more than 300,000 chargers by 2030.
Connected Kerb adds that the investment will support its plans of delivering 190,000 on-street EV chargers by 2030.
As part of the deal, Connected Kerb will also deliver EV charging infrastructure across Aviva's pan-European real estate portfolio, which includes over 300 major owned assets in the UK. Connected Kerb says its hardware and expertise will be key to supporting the electrification of this portfolio.
The investment is equivalent to around a quarter of all the money committed by the UK Government under its flagship Local Electric Vehicle Infrastructure (LEVI) Fund, aimed at helping local authorities fund on-street EV charging projects.
Chris Pateman-Jones, CEO of Connected Kerb, said: “Our partnership with Aviva Investors will turn EV charging on its head. Successfully delivering the benefits of the EV transition to all – regardless of location, wealth, or circumstance – relies entirely on the UK’s ability to deploy convenient and reliable public charging at scale. For many, it has so far been neither."
Sean McLachlan, senior director, infrastructure, at Aviva Investors, said the funding it is providing will help to speed up the provision of EV charging to homes and businesses, whilst increasing accessibility.
"We also look forward to working with a management team which has market leading experience in building and operating public infrastructure and integrated smart networks, alongside excellent ESG credentials,” McLachlan added.
EV ownership is increasing rapidly. Sales so far this year have accounted for 14% of all new vehicle registrations, up 50% compared to this time last year. However, Connected Kerb says there is currently just one public-access on-street EV charger for every 52 EVs on UK roads. As a result, those without off-street parking or a dedicated parking space with domestic power supply – accounting for 62% of drivers – find it harder to make the switch to electric. Currently, this group makes up as few as 9% of EV drivers.
Aviva Investors says its investment into Connected Kerb aims to rebalance the growing gap between EV ownership and public charging infrastructure.
London-based Connected Kerb is planning an expansion into the US, having recently been selected by the New York City Department of Transport and Newlab to deliver an on-street EV charging pilot project in New York. Connected Kerb says this will provide a blueprint for the city to rollout 10,000 on-street chargers by 2030.
