We are excited to announce that Connekt Group Ltd has secured a £250,000 loan from the Investment Fund for Scotland (IFS). This funding will be instrumental in the development of our first three rapid charging hubs, marking a significant milestone in our mission to enhance Scotland’s EV infrastructure.
The Investment Fund for Scotland, backed by the British Business Bank with £150 million in funding, supports businesses across Scotland, including regions like Greater Glasgow, Greater Edinburgh, Aberdeen, and the Highlands and Islands. It provides crucial financial support to small and medium-sized enterprises (SMEs), offering loans from £25,000 to £2 million and equity investments up to £5 million. These funds are essential for businesses looking to start up, scale up, or maintain their competitive edge.
At Connekt Group, we specialize in the installation and management of commercial EV charging solutions across various sectors, from hospitality to corporate offices. Our network boasts a remarkable 99.13% operability rate, supported by real-time data monitoring, ensuring reliability for our users. We are committed to addressing the gaps in Scotland’s EV charging infrastructure by providing dependable and accessible charging solutions, aligning with the Scottish Government’s goal of widespread EV adoption by 2030.
With 14 million tourists visiting Scotland annually, our strategic placement of charging hubs in key tourism locations is designed to support the growth of both the EV market and the tourism sector, ensuring that visitors can explore Scotland sustainably.
Commenting on the funding, our Founder and Managing Director, Johnny Manning, said:
“We are thrilled to receive this IFS loan via The FSE Group, which will be pivotal in driving Connekt’s strategy in the rapid charging market while supporting Scotland’s transition to a greener future. Growth funding for early-stage businesses like ours is limited but vital. This support allows us to continue our journey towards becoming a leader in the EV charging sector, driving the adoption of sustainable energy solutions across Scotland.”
Jim Pritchard, Investment Manager at The FSE Group, also shared his thoughts:
“As the only privately-owned EV charging network in Scotland, Connekt is uniquely positioned in a high-growth niche, leveraging its reliable network and strategic market insights. The company’s robust management team, solid business model, and strong growth trajectory present a compelling investment opportunity that we are delighted to support.”
Mark Sterritt, Director of Nations and Regions Funds at the British Business Bank, added:
“Smaller businesses like Connekt are crucial to Scotland’s journey towards net zero, particularly those providing technology and infrastructure for decarbonisation. Access to finance is key to supporting their growth, enabling them to scale and meet the increasing demand for their services. Connekt exemplifies the type of high-growth potential business that the IFS was established to support, and we look forward to seeing the wider roll-out of its technology.”
The Investment Fund for Scotland is dedicated to driving sustainable economic growth by fostering innovation and creating opportunities for new and growing businesses across the nation. By increasing the availability of early-stage finance, it helps businesses that might otherwise struggle to secure funding, breaking down barriers and supporting Scotland’s economic future.
