Roam raises £65 million in one of the first corporate debt deals for UK EV fast-charging

Denham Capital-backed Roam closes £65 million debt facility to deploy thousands of fast-charging electric vehicle charging points across the UK

Roam, a leading operator of electric vehicle (EV) infrastructure in the UK, has raised £65 million in one of the first corporate debt deals for UK EV fast-charging. The debt has been provided by a consortium of three established lenders – the National Wealth Fund, NatWest, and Triodos Bank UK. The funds will accelerate installation of Roam’s UK destination charging sites, advancing the roll out of its 40,000-strong pipeline, which includes 5,500 charging points already under exclusivity. Roam has already installed 3,000 UK charging points.

Roam, a Denham Capital portfolio company, installs and manages alternating current (AC) – or fast-charging – points in places where people park as part of their lifestyle, for example at workplaces, hotels, residential flats and shopping and leisure centres. This enables a ‘charge while you park’ approach, an important part of the UK EV charging network alongside ‘park to charge’ direct current (DC) – or rapid-charging, giving EV owners more flexibility and choice.

Roam’s secure, affordable, and convenient local charging solutions form part of the UK’s evolving electric vehicle (EV) charging infrastructure. These chargers are a key component of the national infrastructure supporting the transition of the vehicle fleet to EVs. There are now over 1.7 million EVs on British roads, and electric or hybrid vehicles account for more than half of all new vehicle registrations, while the current number of public charging points in the UK is c.85,000, according to Zapmap.

This growth is supported by policy initiatives such as the Zero Emission Vehicle (ZEV) mandate, which sets annual targets for the proportion of new zero-emission cars and vans that manufacturers must produce. The policy aims for a phased-out date of 2030 for new petrol and diesel cars, with hybrid vehicles permitted until 2035. The government is also supporting the transition to EVs through a range of support measures including grant funding to help reduce the cost of new electric vehicles. Alongside this supportive policy environment, EVs are moving rapidly towards cost parity with internal combustion engine (ICE) vehicles, and on a total cost of ownership basis, EVs are generally lower cost than ICE equivalents, offering a compelling return on investment for customers and investors.

The debt provided by the National Wealth Fund, NatWest, and Triodos Bank UK, with advisory from EY, builds on Roam’s existing backing from Funds managed by Denham Sustainable Infrastructure, an arm of global power and infrastructure firm, Denham Capital. With strong equity backing and lender confidence, in addition to partnerships with leading British names such as QHotels and David Lloyd, Roam is positioned to supercharge the UK’s transition to clean transportation.

Chief Executive Officer of Roam, James Randall, said:

“We’re delighted to have the support of these major and trusted lenders, which is a credit to the growing institutional investor confidence in the business case for investing in the zero-emission transportation industry. This debt facility will allow us to respond to geographical demand patterns for EV charging across the UK, providing reliable, affordable and easily accessible infrastructure to give our customers the reassurance they need to join the electric vehicle revolution.”

Managing Director at Denham Sustainable Infrastructure, Sarah Lane, said:

“With lower capital requirements and higher returns than direct current charging alternatives, Roam’s focus on accessible AC charging infrastructure presents a strong investment case that delivers on both financial and environmental sustainability. This raise represents the latest step in the business’ journey, supporting Denham’s backing to allow Roam to continue to grow alongside the UK’s rapidly evolving electric vehicle industry.”

Chancellor of the Exchequer, Rachel Reeves, said:

“We are renewing Britain by investing in our infrastructure and public services, building an economy that works for, and rewards, working people. This deal, with £25 million backing from the National Wealth Fund, will strengthen our electric vehicle industry. With thousands more charging points installed in more parts of the country for drivers to use, connectivity between our towns and cities will be improved - a key ingredient for kickstarting economic growth.”

Head of Banking and Investments at the National Wealth Fund, Ian Brown, said:

“Decarbonising the transport system cannot happen without transitioning to electric vehicles and so it’s important that drivers can access fast and reliable charging where and when they need it. The National Wealth Fund’s investment directly supports Government ambitions to decarbonise UK roads, helping to make charging more convenient for EV drivers while out and about and supporting petrol and diesel drivers to make the switch to electric.”

Head of Energy Transition at NatWest, Bruce Riley, said:

“We are determined to play an active role in the UK’s transition to a low carbon economy, and accelerating the take up of electric vehicles is a crucial part of this journey. That is why we are delighted to support Roam with financing that will accelerate the deployment of fast-charging electric vehicle infrastructure across the UK.”

Head of Energy and Project Finance at Triodos Bank UK, Amandine Tetot, said:

“As a sustainable bank, all our focus is on financing positive change in society. The transport and energy sectors are areas we focus on because they require systemic change to transition to a greener, more sustainable future. Investment in the charging infrastructure for electric vehicles across the country will help more people travel in a low-carbon, cleaner way. We are proud to support Roam in expanding their charging points to help make this transition a reality.”