Denham Capital-backed Roam seals deal to deliver fast-charging points for electric vehicles
Roam, a leading operator of electric vehicle (EV) infrastructure in the UK, has raised £65m in one of the first corporate debt deals for UK EV fast-charging. The debt has been provided by a consortium of three established lenders – the National Wealth Fund, NatWest and Triodos Bank UK. The funds will accelerate installation of Roam’s UK destination charging sites, advancing the roll out of its 40,000-strong pipeline, which includes 5,500 charging points already under exclusivity. Roam has already installed 3,000 UK charging points.
Roam, a Denham Capital portfolio company, installs and manages alternating current (AC) – or fast-charging – points in places where people park as part of their lifestyle, for example at workplaces, hotels, residential flats and shopping and leisure centres. This enables a ‘charge while you park’ approach, an important part of the UK EV charging network alongside ‘park to charge’ direct current (DC) – or rapid-charging, giving EV owners more flexibility and choice.
Roam’s secure, affordable and convenient local charging solutions form part of the UK’s evolving EV charging infrastructure. These chargers are a key component of the national infrastructure supporting the transition of the vehicle fleet to EVs. There are now over 1.7 million EVs on British roads and electric or hybrid vehicles account for more than half of all new vehicle registrations, while the current number of public charging points in the UK is around 85,000, according to Zapmap.
This growth is supported by policy initiatives such as the Zero Emission Vehicle mandate, which sets annual targets for the proportion of new zero-emission cars and vans that manufacturers must produce. The policy aims for a phased-out date of 2030 for new petrol and diesel cars, with hybrid vehicles permitted until 2035.
The government is also supporting the transition to EVs through a range of support measures including grant funding to help reduce the cost of new electric vehicles. Alongside this supportive policy environment, EVs are moving rapidly towards cost parity with internal combustion engine (ICE) vehicles, and on a total cost of ownership basis, EVs are generally lower cost than ICE equivalents, offering a compelling return on investment for customers and investors.
The debt provided by the National Wealth Fund, NatWest and Triodos Bank UK, with advisory from EY, builds on Roam’s existing backing from funds managed by Denham Sustainable Infrastructure, an arm of global power and infrastructure firm, Denham Capital. With strong equity backing and lender confidence, in addition to partnerships with leading British names such as QHotels and David Lloyd, Roam is positioned to supercharge the UK’s transition to clean transportation.
Roam CEO James Randall said: “We’re delighted to have the support of these major and trusted lenders, which is a credit to the growing institutional investor confidence in the business case for investing in the zero-emission transportation industry. This debt facility will allow us to respond to geographical demand patterns for EV charging across the UK, providing reliable, affordable and easily accessible infrastructure to give our customers the reassurance they need to join the electric vehicle revolution.”
Managing Director at Denham Sustainable Infrastructure, Sarah Lane, said: “With lower capital requirements and higher returns than direct current charging alternatives, Roam’s focus on accessible AC charging infrastructure presents a strong investment case that delivers on both financial and environmental sustainability. This raise represents the latest step in the business’ journey, supporting Denham’s backing to allow Roam to continue to grow alongside the UK’s rapidly evolving electric vehicle industry.”
