ePower secures €16m in fresh funding

ePower co-founders Douglas Hall and Hugh Hall and CEO John O'Keefe praised the investment as a 'hugh boost' in installing charging infrastructure. Picture: Colm Lougheed

Electric vehicle (EV) charging and solar panel firm ePower has secured €16m in funding through a fresh round of investment.

The funding came from a range of sources including existing shareholders and new private investors.

The international investment came from a fund managed by Impax Asset Management, a British-based investor that specialises in the transition to a more sustainable economy.

They have been active in Ireland in the renewables space for several years. This was their first investment in ePower.

With offices in Dublin and Cork, ePower currently employs over 60 people. It was recently named as one of the companies involved in the Government's rollout of public EV charging facilities, with ePower units installed in five counties and along five motorway corridors.

They are amongst 17 new high-powered recharging pools for electric vehicles along the national road network. It is the first part of a major plan to ensure that there are more recharging points along our roads. A second grant scheme concentrating on national roads is expected to open later this year.

"This latest investment from a number of stakeholders is a huge boost as we continue to install charging infrastructure through public and private partnerships, and grow the solar side of the business," the CEO of ePower, John O’Keeffe, said.

The managing director PE/Infrastructure from Impax, Seán Maguire, said their investment in ePower was on the back of the Government's decarbonisation targets in the transport sector, which will require significant capital investment to facilitate the roll-out of EV infrastructure.

Davy Financial Services, McCann Fitzgerald LLP, and Regan Wall LLP assisted in the fundraising.