Tughans Advise Weev in £50 million investment transaction as Octopus invest in Northern Ireland’s Electric Vehicle (EV) Infrastructure.

 

Weev was set up by Northern Ireland businessmen Dominic Kearns and Thomas O’Hagan to create Northern Ireland’s largest privately operated electric vehicle (EV) charging network. Its chargers enable drivers to power up their electric vehicles in as little as 20 minutes. Octopus Investments, part of the Octopus Group focuses on renewable energy and infrastructure projects.

 

The £50 million investment into the region’s substantially under-served electric vehicle charging infrastructure will enable Belfast-based EV charge point operator Weev to expand their rollout plans and increase their focus on providing more rapid and ultra-rapid charging hubs.

 

With only 20 public charge points per 100,000 people compared to 60 in the rest of the UK , this disparity highlights the opportunity for significant investment into Northern Ireland’s EV charging infrastructure.

 

Weev chief executive Philip Rainey said: “This investment from Octopus enables a major expansion to the size and scope of the roll-out we announced at launch last year.

 

Weev were advised by Tughans LLP and Cameron Barney LLP and Radius Corporate Finance advised the Weev founders. Tughans cross departmental transaction team was led by partner John McGuckian, supported by Aimee Craig, Andrew Kirke, Chris Milligan, James Mulligan and Douglas Anderson.