Fuuse, the leading electric vehicle charging point management platform in Britain, has secured significant funding to drive the next phase of growth in Britain and Ireland.
The investments come from lead investor YFM Equity Partners, and existing investors Par Equity and an angel syndicate.
Based in Lancaster and employing more than 60 people, Fuuse has grown by 400% in the last twelve months and now serves more than 750 customers and more than 70,000 active users. It also processes enough electricity to power the whole of Britain for an hour each year, as well as processing millions in levy payments. The investments will focus on scaling the enterprise product offering that delivers a trusted and reliable charging experience for operators of charge points, destinations, fleets and workplace charging, and delivering additional products and services for the network of solution partners. Customers include SSE, Scottish Power, British Airways, Siemens, United Utilities and Arnold Clark.
The company also continues to innovate. Fuuse works with companies such as Veolia and EDF and is a partner in several grant-funded projects to optimize energy consumption and reduce costs through bi-directional charging or vehicle-to-grid (V2G). This builds on an existing energy management system, which includes site-wide energy monitoring and a range of network optimization tools. In addition, Fuuse is working with partners on wireless inductive charging and expanding charging to buses, trucks and boats to further decarbonize transportation.
Commenting on the investment, Michael Gibson, CEO of Fuuse, said: “YFM's experience of working with innovation-driven companies has proven invaluable. The team immediately understood our vision and recognized our potential. With the support of YFM, Par and our angel investors, we can continue to shape the future of EV infrastructure and help more customers deliver an optimized, reliable and trusted EV charging experience.”
Andy Thomas, YFM Partner, added: “We are pleased to have joined Fuuse in the next phase of their journey. The company's software is designed to continuously evolve to future-proof the EV charging infrastructure. It is a comprehensive product that can meet the different needs of a range of customers, putting it in an advantageous position in the future. Led by a strong management team, with a clear vision and a refined strategic approach – which will be crucial for future success and enable responsiveness in a fast-growing market. We are confident that with our support, Fuuse can take full advantage of new opportunities.”
Alastair Moore, Senior Investment Manager at Par Equity, said: “Since we first partnered with Fuuse in 2022, the company has experienced dramatic growth, establishing itself as a market leader in the UK and providing a robust, reliable software solution offers for the United Kingdom and Ireland. infrastructure and building a fantastic platform for international expansion. The majority of Par's investment was made through our new Scale-Up Fund, which is designed to support some of the most exciting B2B technologies from the North of Britain. It is very encouraging to see Fuuse join this cohort of rising stars.”
