Investment firm offers to fund electric charging for Greater Manchester

UK based investment platform Abundance Investment Ltd has launched an offer to fund the rollout of electric vehicle charging infrastructure throughout the Greater Manchester area.

Abundance has launched Iduna Electric Vehicle Charging Infrastructure plc which is aiming to raise £4 million to fund the rollout of chargers.

The group will look to raise the money through an offer of 5-year secured debentures – regulated and tradable bonds – which pay 9% interest per year over the life of the investment to finance the installation of 50 new EV chargers in Greater Manchester, delivered in partnership with Transport for Greater Manchester (TfGM).

The proceeds of the investment will fund 50 new fast or rapid public EV charge points at high-traffic locations across Greater Manchester, selected in partnership with TfGM to ensure maximum usage. The chargers will run on 100% renewable electricity supplied by Octopus Energy. This is the first phase of Iduna’s programme to build 160+ charging points in the city by the end of 2022.

Bruce Davis, co-founder and managing director at Abundance Investment, said: “Greater Manchester is taking the lead on rethinking the way its citizens travel around their city, which will require changes of behaviour but also investment in infrastructure to encourage and enable everyone to choose green alternatives.

“To realise the potential for electric cars as part of that overall strategy we need to invest in innovative companies like Iduna who are creating a well-designed charging network to support the shift away from fossil fuel powered vehicles.”

Asif Ghafoor, CEO of Iduna, added: “The electric vehicle revolution is now firmly upon us. We believe that many people want to play an active role in the climate change challenges we all face and will embrace the tools that will make a positive difference.

“Our aim is to accelerate the delivery of electric vehicle charging infrastructure using the latest charging technology, data analytics and experienced supply chain partners. We are starting with Greater Manchester, one of the first cities to recognise the climate emergency and well placed to become a leading light in the UK’s transition to low carbon transport.”