VEV secures investment for European fleet electrification expansion

VEV, a UK-based commercial fleet electrification firm, has secured new investment to support its expansion across mainland Europe as an independent business. The funding round was led by Jolt Capital, with Finland’s state-owned investment company Tesi participating as a co-investor.

As part of the transaction, Jolt Capital and Tesi have acquired the stake previously held by Vitol, the energy trader that founded VEV in 2023. The capital will facilitate VEV’s entry into new markets, including France, Germany, and the Netherlands, and support further product development.

VEV operates the VEV IQ platform, an intelligent charging and energy management system that provides real-time visibility for vehicles, chargers, and energy assets. The company has already served approximately 6,000 commercial electric vehicles across Europe, with roughly 5,000 of those located in the UK. Its platform is currently deployed across more than 600 sites within the transport, logistics, and waste sectors.