Fuuse has announced a £2.5m follow-on investment as its revenue and growth accelerates. The latest top up will galvanise Fuuse’s position in the UK and Ireland, feeding the growth of sales and support teams to serve forecasted demand and wider expansion plans.
The investment is led by Par Equity, and is backed by a group of new and existing private investors and entrepreneurs with leadership positions in the energy, automotive and tech markets. Alongside over £400,000 in recent government-funded research and development, with more to be announced, this latest injection of investment enables Fuuse to aggressively enhance innovation and functionality for CPOs, fleets and destination charging.
Michael Gibson, CEO of Fuuse says, “Fuuse is rapidly growing it’s market leading enterprise solution for EV charging as we continue our path to profitability. We have a robust pipeline of new projects with some major announcements to follow. We’re also building the foundations for the next wave of the EV revolution through our grant-funded innovation projects and we’re delighted to be ready to address the future demand we see coming down the road with the further support from our investors.
“The future is very encouraging and we are ready at the helm to strengthen our foothold in the UK, expand our offering in Ireland and springboard into new international markets by the end of the year.”
Alastair Moore, Senior Investment Manager at Par Equity says, “Fuuse continues to make incredible progress in establishing itself as a leading name in EV software, which is now the driving force in the wider EV charging market. As EV adoption ramps up it is essential that EV infrastructure owners and operators are ready and able to meet the needs of drivers, while managing the energy demand on the grid.
“With around 600 charge point connections needing to be installed every week through to 2030 in the North alone ahead of the ban on petrol and diesel vehicles, Fuuse is now expertly placed as the partner to large enterprises and public sector organisations as they scale their own EV infrastructure.
“At Par Equity we have been inspired by the team’s constant innovation and ability to lead the market with new features that deliver further benefits to customers as the EV charging market evolves. We are incredibly excited to see where Fuuse goes from here.”