• Friday, May 24, 2024

Business

Issa brothers to buy Tesla charging units

Zuber and Mohsin Issa

By: Pramod Thomas

ISSA BROTHERS-owned EG Group has signed a deal to buy Tesla’s ultra-fast charging units for electric vehicles to expand its growing ‘evpoint’ business across the UK and Europe.

The initial batch of the new charging units is expected to be deployed before the end of this year, EG Group said in a statement on Monday (13).

Issa brothers, who also own supermarket chain Asda, said it was aiming to expand its charging network from over 600 chargers currently deployed to more than 20,000 chargers at its own sites over time.

“Securing this best-in-class equipment from Tesla marks another milestone for evpoint and is hugely exciting for us. It is the first deal of its kind entered into by Tesla with a third-party charge point operator in Europe and will transform how our customers charge their vehicles and how they interact with EG,” said Zuber Issa CBE, founder and co-CEO of EG Group.

“Since installing our first EV charger back in 2012, we have continued to invest in the technology. This deal will accelerate the delivery of vital charging infrastructure for motorists to help power the transition to Net Zero.”

According to the statement, the charging points will bear the label ‘evpoint’ instead of Tesla, and have the capability to recharge various electric vehicles from different manufacturers.

“Our aim is to deliver a three-pronged strategy to help us reach our energy transition goals. These include EV charging, supporting alternative forms of vehicular fuel, and broader carbon reduction, all of which are central to our strategy of helping the world transition to a lower carbon future,” said Imraan Patel, chief strategy and business officer, EG Group.

Patel revealed that the group will also pursue opportunities across third party locations.

In October, battery electric vehicles constituted 15.6 per cent of new car sales, as reported by the Society of Motor Manufacturers and Traders (SMMT), marking a slight increase from the 14.8 per cent recorded the previous year.

As of October 1, government figures indicate that the UK had slightly over 49,000 public electric vehicle charging devices installed.

Rebecca Tinucci, Tesla’s senior director of charging infrastructure said that the company considers the swift establishment of dependable and user-friendly EV charging infrastructure as a crucial move towards a sustainable future. She added that Tesla is enthusiastic about offering its fast-charging hardware for sale to EG Group and other industry leaders.

Mohsin and Zuber Issa established EG Group in Bury, Greater Manchester, 22 years ago. It experienced rapid expansion in the past decade.

The Issa brothers gained prominence in 2021 with their £6.8 billion acquisition of Asda, the UK’s third-largest supermarket.

According to reports, the funding for the deployment of EV chargers will be covered by EG’s current cash flow, opting not to rely on debt.

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