EV Update - Agreement with bp pulse
29 March 2021
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
EV Update - Agreement with bp pulse
SEEIT is pleased to announce that it has signed an agreement with Chargemaster Limited ("bp pulse"), the UK's largest operator of public electric vehicle ("EV") charging points. As first announced on 6 August 2020, SEEIT made an initial £50 million investment commitment to The Electric Vehicle Network ("EVN") as its development partner in EV charging infrastructure.
The agreement with bp pulse represents a significant step forward in the roll out of national EV charging infrastructure, expected to result in the development and construction by EVN of a significant number of rapid and 'ultra-fast' EV charging locations, contracted through a 20-year, fixed price, CPI inflated Energy Service Agreement (''ESA'').
Development and construction of the charging stations is expected to start immediately, with the first sites targeted to be operational by mid to end of 2021, at which point they are expected to start generating availability-based revenues for SEEIT. EVN will also manage the operation and maintenance of all sites.
This national EV station roll out for bp pulse will include state of the art 'hubs' of between six to twelve chargers, as well as the next generation of 'e-forecourts' with up to 24 ultra-fast charge points (300KW) with on-site solar PV and battery storage systems. The e-forecourts will have both retail and convenience facilities for the drivers while they are waiting for their cars to be charged.
EVN plans to develop a further c.400 EV charging sites, and SEEIT has the right of first refusal to provide an additional c.£150 million in the next 24-36 months.
Commenting on the investment, Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said: "Electric vehicle sales in the UK are at an inflection point, making the immediate scaling up of high quality, rapid and widely available EV charging infrastructure of critical importance. This investment, in partnership with the Electric Vehicle Network, is a significant commitment to EV charging infrastructure in the UK and we look forward to supporting and enabling the market for sustainable and low carbon transport, helping to reduce pollution and greenhouse gas emissions."
Reza Shaybani, Founding EVN Chief Executive, said: " This ground-breaking agreement with bp pulse has got 2021 off to a racing start. As the largest Charge Point Operator in the market, bp pulse is a perfect partner for EVN to deliver the critically required national EV charging infrastructure. With our strong pipeline of hundreds more premium sites, this is one of several major contracts between EVN and charge point operators, with additional contracts to follow in the next few months."
EVN Chairman, Lord Barker of Battle said: "bp pulse is a perfect partner for the EVN group. Together we will be fuelling growth in a vital part of UK's Green economy and making a reliable national network of EV charging stations a reality for the fast-growing number of electric vehicle drivers."
Matteo de Renzi, CEO of bp pulse, said : "We are building a charging network that will give consumers the confidence to make the switch to EVs, knowing they can get the charge they need in the right places. We're taking another step forward in our commitment to make ultra- fast charging widely accessible across the UK, including in easy reach of the motorway network. These new hubs will complement bp pulse's existing plans to expand the number of ultra-fast chargers on bp's forecourts and it's exciting to be launching this new additional option for drivers."
For Further Information
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Sustainable Development Capital LLP Jonathan Maxwell Eugene Kinghorn Purvi Sapre Keith Driver
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T: +44 (0) 20 7287 7700
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Jefferies International Limited Tom Yeadon Gaudi Le Roux Neil Winward
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T: +44 (0) 20 7029 8000
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TB Cardew Ed Orlebar Joe McGregor |
T: +44 (0) 20 7930 0777 M: +44 (0) 7738 724 630 |
About SEEIT
SDCL Energy Efficiency Income Trust plc is the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States, a regulated gas distribution network in Sweden and, most recently, a portfolio of commercial and industrial solar and storage projects in the United States.
The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for shareholders of 7-8 per cent. per annum (net of fees and expenses and by reference to the initial issue price of £1.00 per Ordinary Share), with a stable dividend income, capital preservation and the opportunity for capital growth. The Company is targeting a dividend of 5.5p per share in respect of the financial year to 31 March 2021. SEEIT's last published NAV was 102.0p per share as at 30 September 2020.
Past performance cannot be relied on as a guide to future performance.
Further information can be found on the Company's website at www.seeitplc.com .
Investment Manager
SEEIT's investment manager is Sustainable Development Capital LLP ("SDCL"), an investment firm established in 2007, with a proven track record of investment in energy efficiency and decentralised generation projects in the UK, Continental Europe, North America and Asia.
SDCL is headquartered in London and also operates worldwide from offices in New York, Dublin, Madrid, Hong Kong and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.
Further information can be found at www.sdclgroup.com .
About The EV Network
Founded in 2017, EVN is a leading independent EV charging infrastructure development company. EVN's mission is to address the challenges faced by both landlords and charge point operators ("CPOs") in rolling out a network of rapid and ultra-fast EV chargers and charging infrastructure in the UK.
Over the past three years EVN has carefully selected and secured the very best sites in the UK, seizing first-mover advantage in what has become an increasingly competitive UK market. Through strong relationships with high quality landlords and charge point operators, EVN has become a distinguished player in the EV charging market able to provide its partners with fully funded bespoke technology and service solutions.
Further information can be found at www.theevnetwork.com
About bp pulse
bp pulse is the new name for bp Chargemaster and the Polar network.
bp pulse is one of the UK's leading providers of electric vehicle charging infrastructure and operates the largest electric vehicle charging network in the UK. Founded in 2008, the company provides a comprehensive, flexible and practical range of electric vehicle charging solutions. bp pulse has supplied over 60,000 public, workplace and home charging units, and is now rolling out 150kW ultra-rapid chargers on bp retail sites.
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