Rubicon makes follow-on investment in EasyGo

Rubicon makes follow-on investment in EasyGo

Erapid Charger Company Limited, trading as “EasyGo” is pleased to announce that Rubicon Capital Advisors (“Rubicon”), through its asset management business, has reached financial close on the acquisition of a further 15.5% equity interest in the company. This brings Rubicon’s overall investment in EasyGo to over 50%.

Founded in 2016, EasyGo is Ireland’s fastest-growing and largest privately owned Electric Vehicle (“EV”) charge point operator and turnkey solutions provider. Its EV charging network provides access to over 4,000 charging points in 1,500 locations across Ireland and Northern Ireland, accessible via the EasyGo app, which currently has over 58,000 registered subscribers and is growing by approximately 2,000 new users each month so far in 2023. EasyGo plans to continue to grow its fast charging network and, in the last month alone, has added a further 40 fast chargers thereby increasing the overall Irish fast charging network by c. 15%.

In October, EasyGo announced the closing of a €30m capital raise from Aviva Investors. The proceeds of these funds will be used to continue the roll-out of additional fast chargers in Ireland along with adding 60 new jobs in operations and sales.

Chris Kelly, co-founder and CEO of EasyGo, said: “We are pleased to have Rubicon as a trusted partner in our business. Since their first investment over 3 years ago, the team at Rubicon have worked tirelessly to contribute to the business’s expansion, including raising over €45m of additional capital to help grow our company and business.”

Conor Kelly, CEO of Rubicon, said: “We are truly excited about the future investment opportunities in the Irish energy sustainability and transition sectors. Through our energy and infrastructure asset management business, Rubicon intends to be a material partner and stakeholder in helping Ireland meet its 2030 targets under its Climate Action Plan (CAP23), as demonstrated by this further investment in EasyGo.

With Irish EV adoption rates in 2023 thus far exceeding 27%, it’s clear the Irish motorist is embracing the future role of EV cars in Ireland’s fleet of around 3 million vehicles. It remains vital that we have the EV infrastructure to support this, which is only viable through the combined power of private investment and the Irish government’s backing and prioritisation of the sector.”