The Cork-based company recently expanded its operations to Dublin and says it is at a ‘very exciting stage of expansion’ in both the EV and solar energy sectors,
Electric vehicle (EV) charging company ePower has raised €16m to expand its operations in the coming years.
The funding came from a mix of existing shareholders and new investors including a fund managed by Impax Asset Management, a UK-based investor. The investment comes as ePower works to bring its charging infrastructure to more counties across Ireland.
ePower helps in the installation, maintenance and management of domestic, commercial and public EV chargers across Ireland. It is also involved in the installation of solar panels across Ireland.
The company has been growing steadily in recent years thanks to increasing interest in EVs and the Government’s plans to boost the number of EVs in the country. Last year, ePower raised €2m to develop its products.
The Cork-based company opened a Dublin office earlier this year to meet growing demand for its services. ePower currently employs more than 60 people nationwide.
“We’re at a very exciting stage of expansion at ePower in both the electric vehicle and solar energy space, and 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,” said ePower CEO John O’Keefe.
“I’d like to welcome Impax to our community of investors and thank them and our other stakeholders for providing this vote of confidence in our achievements so far and ambition for the future.”
The investment into ePower comes amid a slowdown in EV sales in Ireland. Recent statistics from Ireland’s Central Statistics Office shows the number of new EVs licensed in Ireland fell by 25pc in the first half of 2024.
A new report from EY suggests the biggest concern among potential EV buyers is a lack of charging infrastructure, followed by concerns about the high costs of battery replacements.
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.
