Fuuse raises £2.5m follow-on funding

Lancaster-based EV charging point platform Fuuse has secured a further £2.5m in funding.

The investment is led by Par Equity, and is backed by a group of new and existing private investors and entrepreneurs.

Alongside more than £400,000 in recent government-funded research and development, with more to be announced, this latest injection of investment enables Fuuse to aggressively pursue its growth ambitions.

Launched in 2021, Fuuse is a back-office system for EV chargers enabling both private and public sectors who provide EV charging to save energy, reduce costs, resolve problems quickly and generate revenue.

The new funding follows a series of recent wins for the team, including United Utilities, Suez, SSE and British Airways to deliver enterprise charging solutions.

Michael Gibson, CEO of Fuuse said: "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."