Fleet electrification solutions firm EO Charging has completed a £25m (€28.5m) shareholder-led recapitalisation to drive its next phase of growth.
The funding follows EO’s exit from the US market and the sale of its domestic EV charger hardware business
The transaction combines an increased debt facility with HSBC and a new equity injection from existing investors Zouk Capital and Vortex Energy.
The funding follows a strategic restructuring, including EO’s planned exit from the US market and the sale of its domestic EV charger hardware and manufacturing business to Cogent Technologies, part of the Heathpatch Group. It also enables the introduction of company-wide efficiencies to streamline operations and support a more scalable platform-led business model.
EO Charging will now concentrate on its core strengths in software, services and infrastructure-as-a-service (IaaS) for commercial fleets and heavy goods vehicles. This includes increased investment in the development of truck hubs and logistics depots, ensuring the company is now “exceptionally well positioned” to deliver scalable, dependable fleet-charging solutions across the UK and Europe.
The investment will accelerate the deployment of EO’s charging infrastructure for commercial fleets and its flagship software and service offering, dubbed Charge Assurance, which provides fleet operators with end-to-end visibility, management and energy optimisation tools.
EO said the advancements would further strengthen its role as a leading infrastructure and software partner for fleets navigating the complex transition to electric mobility. Existing customers include some of the world’s largest and most complex fleet operators, including Amazon, DHL, UPS, Tesco, GoAhead, Metroline, Stagecoach and FedEx.
Richard Staveley, chief executive, said: “This investment underscores our shareholders’ confidence in EO’s evolved strategy and long-term vision. We are doubling down on what we do best: delivering reliable, commercial-grade charging infrastructure and intelligent software that helps fleets electrify and perform at scale. By concentrating our efforts on the UK and European markets, and exiting hardware manufacturing through the sale of our manufacturing business to Cogent Technologies, we are ensuring EO remains agile, capital-efficient and relentlessly committed to improving fleet performance and delivering customer value.
Massimo Resta, partner and head of infrastructure at Zouk Capital, said the refocused strategy “aligns perfectly with where the fleet electrification market is heading, towards scalable, software-enabled infrastructure solutions”.
And Bakr Abdel-Wahab, chief investment officer at Vortex Energy, added: “We believe the transition to electric mobility and smart infrastructure is no longer niche; it’s becoming foundational to fleet and bus operations across the UK and Europe. Our renewed investment in EO Charging reflects this conviction: by supporting a partner with a clear software- and service-first model.”