EZO Reaches Financial Close on €150 Million Senior Debt Facility

Investment-grade, non-recourse financing will support the delivery of more than 3,000 charge points primarily across the whole of the UK along with additional development in Ireland.

EZO has reached financial close on a €150 million investment-grade, non-recourse, senior debt facility. The funding will finance the design, installation, operation and maintenance of over 3,000 charge points, representing over 100,000 kWs of capacity, across the UK and Ireland under mostly long-term public sector “PPP-like” concessions with an attractive risk allocation between the public and private sector that will significantly advance EV infrastructure delivery, on time and to budget. These charge points are estimated to generate well in excess of £1 billion in electricity sales over the next 20 years, a portion of which will be shared with the public sector while, at the end of the concession, the chargers will revert back to the public sector.

Headquartered in Ireland, EZO has expanded rapidly into the mainland UK, which by 2027 will become its primary EV charging market. The company is building the capital base, technology and operational capability required to deliver reliable charging infrastructure at scale.

In the UK, the company is recognised as a leading partner for local authorities to deliver essential EV charging infrastructure to drivers across hundreds of eligible sites in the relevant regions under long-term, concession-like contracts. This growth will promote economic development and support significant employment across Scotland, England and Wales while helping the UK meet its near- and long-term net zero goals.

EZO is majority owned by Rubicon Capital Management, together with its affiliated entities including Rubicon Capital Advisors, an Irish regulated investment banking firm (“Rubicon”). Rubicon has been an influential and active partner in developing EZO’s business plan and long-term strategy since it entered the company in 2020 with a 35% stake and which has now risen to over 60%. This includes additional shares acquired in conjunction with the debt financing and the entry into the EZO shareholding group led by Rubicon of Whitehole, a Spanish-based family office with strong expertise in electrification technologies that enable sustainable mobility.

Rubicon also acted as sole financial advisor to EZO in both the equity and debt capital raises and has been retained by the company to explore other capital raising options including a possible IPO in 2028.

The debt financing has been provided by a consortium of lenders including Aberdeen Investments and Standard Life. The investment-grade debt raised for EZO is believed to be the first financing of its type where the funds will be used to install chargers across the UK and Ireland while revenues generated from these chargers will be ring-fenced and used to repay the debt over a 7-year period. This innovative structure is expected to provide a new model for financing EV charging infrastructure that is ready for installation.

The investment will support EZO as it delivers on its long-term business strategy of expanding its public charging network and continuing to invest in the technology, operational capability and client partnerships required to provide reliable, accessible EV charging thereby helping drivers transition away from the continued volatility in rising petrol and diesel prices.

The funding follows a period of significant international growth for EZO, which has secured local authority-backed public charging contracts in the UK with a combined estimated value of over £1.0 billion. These include a 20-year concession contract across four counties in Northern Scotland, a 15-year concession contract across four counties in the English Midlands and a number of other significant long-term public sector contracts that are to be announced over the next number of months. Building on this momentum, EZO is actively pursuing further opportunities across Scotland, England and Wales as it continues to expand its UK presence.

These concessions include a number of Public-Private Partnership-style features, including desirable charge point locations, flexible price setting, exclusivity over certain regions, assistance with securing permits and grid access, and, for certain concessions, significant subvention funding to support the rollout which is expected to be returned to the public sector over the long-term through attractive revenue sharing mechanisms. As such, this is a true partnership between the public and private sectors combining private sector expertise, delivery capability and innovation with targeted public funding and an appropriate risk allocation.

Through these partnerships, EZO is building a new kind of EV charging network: well-capitalised, scalable and designed around the needs of drivers and communities. By combining long-term capital with innovation and delivery expertise, EZO is accelerating the rollout of reliable, accessible and easy-to-use charging infrastructure across the UK.

Together, these projects mark a significant step in EZO’s evolution as a progressive EV infrastructure business, with the ambition, capability and funding to help shape the next generation of public charging across the UK and Ireland.

EZO CEO, Ollie Chatten said:

“EZO’s clear ambition is to make reliable public EV charging more accessible for drivers and communities and we have now demonstrated we can successfully compete for some of the largest and most significant EV infrastructure opportunities in the United Kingdom, while continuing to grow our network and partnerships at home in Ireland. Our focus is on working with strong public and private sector partners to build charging networks at scale across Ireland and the UK. The backing of our investment partners gives us the financial strength to deliver on those commitments, continue investing in our people and technology, and pursue the next generation of opportunities in the EV infrastructure market.”

Rubicon CEO, Conor Kelly said:

“This funding represents a significant vote of confidence in EZO, its team and the long-term infrastructure partnerships EZO has secured. We understand this to be the first example of the application of this framework of financing in the EV charging sector and it is expected to become the preferred method of financing this collateral going forward. We are delighted to have executed upon these transactions for the company which build on Rubicon’s long-term support for EZO and its growth in the sustainable transport infrastructure market.”

About EZO

EZO is an Ireland-headquartered EV charging infrastructure company that develops, operates, and maintains EV charging infrastructure across Ireland and the UK. Working with retailers, local authorities, businesses and property partners, EZO delivers reliable and accessible charging solutions for drivers and communities. EZO supports more than 150,000 registered drivers, operates over 5,600 charge points across Ireland and the UK, delivering more than 30 million kWh of electricity through its network. As Ireland’s largest private EV charging network, EZO continues to expand infrastructure that supports the transition to electric mobility across Ireland and the UK.

For more information, visit ezo.ie and ezo.co.uk.

About Rubicon Capital Advisors

Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy transition, digital & utilities sectors globally. Since its inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of over 150 transactions in the energy, digital, transport and social infrastructure sectors across Europe, North America and Latin America, with a combined enterprise value of more than €100 billion. The firm is regulated by the Central Bank of Ireland and its U.S. affiliate is a member of FINRA and SIPC and registered as a broker-dealer with the SEC.

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