Believ's £300M Funding: A Blueprint for Public-Private Partnerships in EV Infrastructure

The UK's transition to electric vehicles (EVs) faces a critical challenge: scaling charging infrastructure equitably to meet 2030 net-zero goals. Believ, a charge point operator backed by a consortium of private equity, government-aligned capital, and major banks, has just taken a decisive step toward solving it. A £300 million funding package announced in June 2025 positions the firm to install 30,000 public EV chargers—addressing gaps in urban, rural, and underserved communities—while showcasing the power of strategic public-private partnerships.

This deal is more than a financial milestone. It reflects a shift toward infrastructure development that combines private sector agility with public policy alignment, ensuring equitable access to EV adoption. For investors, Believ's model offers a template for capitalizing on the UK's EV boom, backed by regulatory tailwinds and a clear roadmap to profitability.

The Funding Structure: A Symphony of Public and Private Interests

The investment combines equity from Believ's co-owners—Liberty Global and Zouk Capital—with debt from banking giants Santander, ABN Amro, NatWest, and MUFG. This blend signals confidence from both sides of the private-public divide. Zouk's role as manager of the UK Government-anchored Charging Infrastructure Investment Fund (CIIF) is particularly pivotal: the CIIF has already deployed £2.3 billion in EV-related projects, and its backing here underscores the strategic priority of charging networks for national decarbonization.

The banking partners, meanwhile, provide scalable debt financing, a testament to the sector's long-term viability. As EV adoption grows—driven by falling battery costs and mass-market models—charging infrastructure is becoming a foundational utility, much like broadband or public transit. Believ's funding structure mirrors this shift, blending patient capital with institutional credit to fund a 10-year rollout.

Addressing Gaps: From Rural Roads to Urban Alleys

Believ's deployment strategy is designed to tackle the two biggest barriers to EV adoption: accessibility for drivers without private parking and coverage in underserved regions. The firm plans to allocate funds to on-street residential chargers—critical for the 25% of UK households without driveways—and ultra-rapid hubs along major routes. Rural areas, which currently lag with only 12% of total charge points, will also see prioritized investment.

This focus on equity differentiates Believ from competitors like BP Pulse or Shell Recharge, which have historically concentrated on high-traffic urban centers and motorway stops. A partnership with Suffolk County Council, leveraging the £381 million LEVI Fund, has already secured 6,000 charge points in a region where 38% of households are in rural areas.

The Regulatory Tailwind: Policy and Profitability Align

The UK government's commitment to net-zero is codified in law, with a target of 300,000 public charge points by 2030—a fivefold increase from current levels. To meet this, policymakers are deploying carrots and sticks: subsidies like the LEVI Fund, grants for workplace chargers, and penalties for new housing developments without EV readiness.

Believ's alignment with these policies is deliberate. By securing LEVI contracts and prioritizing government-mandated equity goals, the firm has minimized regulatory risk. Moreover, its pricing model—£0.56–£0.66 per kWh for fast/rapid charging—competes directly with rivals while ensuring affordability for everyday drivers.

Investment Thesis: Long-Term Demand Meets Operational Excellence

The case for investing in Believ hinges on three pillars:

1. Scalable Demand: The UK EV market is on track to hit 12 million vehicles by 2030, per the government's Road to Zero strategy. Each car requires charging access, creating a recurring revenue stream for CPOs.
2. Regulatory Safety Nets: Subsidies, mandates, and penalties reduce the risk of overbuilding or stranded assets.
3. Operational Differentiation: Believ's community-focused deployment ensures it captures the “long tail” of demand—residential and rural users—while competitors focus on high-margin urban centers.

Critics may question the pace of EV adoption, but data suggests a tipping point is near. Plug-in vehicle registrations in the UK grew 28% in 2024, even as oil prices dipped. Meanwhile, the cost of EV ownership (fuel + maintenance) is already 30–50% lower than internal combustion engines in many cases.

For investors, Believ's equity stake offers exposure to this secular trend, while its debt-backed growth reduces upfront capital strain. The firm's partnership with Liberty Global—a telecom giant with fiber-optic networks—also hints at future synergies, such as smart-grid integrations or data-driven pricing.

Risks and Considerations

No investment is risk-free. Believ faces competition from oil majors, utilities, and tech firms all vying to control the charging market. Tesla's Supercharger network, for instance, already has 500 sites in the UK, though it serves only Tesla owners.

Regulatory changes could also disrupt the model. If the government delays funding or revises subsidy criteria, project pipelines might stall. Additionally, the firm's reliance on public-private contracts requires strong governance to avoid delays—a lesson from the HS2 rail project's missteps.

Conclusion: Building the Road Ahead

Believ's £300 million funding isn't just about charging stations; it's about building the infrastructure of a decarbonized future. By uniting private capital with public policy, the firm has created a blueprint for scalable, equitable EV adoption. For investors, this is a bet on the UK's net-zero transition—and a reminder that the road to sustainability is paved with partnerships.

In a sector where the winners will be those who blend speed with social responsibility, Believ's equity in CIIF-backed projects and rural-first strategy positions it to lead. As Lilian Greenwood, the UK's Roads Minister, noted: “This isn't just infrastructure—it's opportunity.” For investors ready to back that vision, the time is now.