AN ELECTRIC vehicle charging company is set to expand its Scottish presence following a recent £1.7m investment.
The investment is being led by Edinburgh-based Par Equity, and has the backing of a syndicate of angel investors led by SaaS entrepreneur Kevin Beales.
This backing structure will support the company’s strategy to become the enterprise level charge point management system of choice for fleets, workplaces, destinations and installers and create further jobs at its Glasgow and Lancaster offices.
The funding will enable Fuuse to expand its sales and customer support operations, bolster its innovation programme, accelerate the platform’s product development roadmap and begin its planned international expansion.
Michael Gibson, CEO at Miralis said: “Fuuse is making phenomenal progress with charge points live on our platform from the workplaces of national retailers, NHS Trusts and manufacturers to over 250 public charging sites from Cumbria to Dorset.
“This investment not only gives us the financial means but also access to exceptional people with vast experience in software, energy and infrastructure to help us accelerate our growth and continue to thrive”.
Alastair Moore, Investment Manager with Par Equity said: “We are hugely excited to be partnering with Miralis at this milestone in the growth of Fuuse.
“The pull from all corners of the market for Fuuse is testament to the quality of the offering that the team has built.
“With 7 million electric vehicles forecast to be on UK roads by 2030, the time for scaling up the infrastructure to serve this is now, with Fuuse perfectly placed to power this. We’re looking forward to the journey ahead”.
Launched in 2021, Fuuse enables organisations to manage their charge point infrastructure, control access, reduce energy costs, take payments and provide an excellent driver experience through their app.
Scalable across sectors, Fuuse is proving popular with fleets, workplaces, NHS Trusts, local authorities, sporting venues and with the EV charge point installer community, where over 100 companies are signed up to Fuuse’s installer programme.
Thanks to £600,000 grant funding from the Office of Zero Emission Vehicles and Transport Scotland, Fuuse is also about to launch its advanced fleet smart charging and energy management capabilities, and enable charge point booking and blocked bay alerts.
Dr Will Maden, Chief Innovation Officer and Co-Founder at Miralis said: “This investment validates not only the success we’ve had with Fuuse so far but also the strategy, potential and pipeline of work we’ve put in place to build on it”.