EZO, an Ireland-headquartered electric vehicle (EV) charging infrastructure company, has reached financial close on a €150 million (US$168.5 million) investment-grade, non-recourse senior debt facility. This financing will support the expansion of its public EV charging network across the United Kingdom and Ireland. The project covers the design, installation, operation and maintenance of more than 3,000 charging points, with a combined capacity exceeding 100 MW. The investment aims to accelerate the deployment of accessible and reliable charging infrastructure and support the growing adoption of electric vehicles.

The project will primarily be delivered through long-term public-sector concession agreements incorporating features of public-private partnerships (PPPs). Under these arrangements, EZO collaborates with local authorities to install and operate charging infrastructure at designated locations. Public-sector partners may assist with site access, permits, grid connections and, in some cases, financial support for deployment. In return, the private operator contributes investment, technical expertise and operational capabilities, while sharing certain revenues with the public sector. At the end of the concession period, the charging infrastructure is expected to revert to the relevant public authorities. This structure is designed to distribute project risks between the public and private sectors and facilitate delivery within agreed budgets and timelines.

The €150 million financing will be provided by a consortium of lenders that includes Aberdeen Investments and Standard Life. A distinctive feature of the arrangement is that revenue generated by the charging points will be ring-fenced and used to repay the debt over seven years. This means the repayment structure is linked to income generated by the charging network. The financing is described as non-recourse, meaning that lenders generally rely on the designated project assets and cash flows for repayment, subject to the facility's contractual terms, rather than having unrestricted recourse to the wider sponsor's assets. 

Alongside its UK expansion, EZO continues to develop charging infrastructure in Ireland through commercial partnerships. Its partnership with Musgrave involves plans to install high-powered charging facilities at 43 store locations along key national routes, while its partnership with eir covers the development of 50 purpose-built high-speed charging hubs across Ireland. These initiatives complement the wider expansion programme by increasing charging availability at retail locations and dedicated charging hubs. Rubicon Capital Management is EZO's majority shareholder, holding more than 60% through its affiliated entities, while Whitehole, a Spanish family office with expertise in electrification technologies, has joined the shareholder group. Rubicon Capital Advisors acted as EZO's sole financial adviser for the debt and equity fundraising and is exploring additional capital-raising options, including a possible initial public offering (IPO) in 2028.