Commercial fleet electrification firm VEV has secured investment led by Jolt Capital, providing funding to support its next phase of expansion across Europe as an independent business. The investment comes from Jolt Capital V, a fund targeting €1 billion to finance the growth of around 20 European deeptech firms, with Finland’s state-owned investment company Tesi joining as a co-investor. The transaction includes the acquisition of Vitol’s stake in VEV, with ownership passing to Jolt Capital and Tesi.
The deal brings new European backing to the UK-headquartered business and will support a targeted acquisition strategy alongside further product development as VEV expands into new markets including France, Germany and the Netherlands.
VEV’s move to independent ownership comes as the business reaches a milestone of 6,000 commercial EVs served across Europe, including more than 5,000 in the UK.
Founded by Vitol, the world’s largest independent energy trader, the company combines fleet strategy, charging and energy infrastructure, energy supply and operational services in a single offering, reflecting the convergence of the transport and energy sectors.
Clara Audry, General Partner at Jolt Capital, Europe’s largest private equity firm dedicated to growth deeptech, said: “Technology has transformed how consumers manage energy – commercial transport is now at a similar inflection point. As fleets electrify, the challenge lies in intelligently managing the flow of energy across vehicles, depots and power networks. Success will belong to companies that combine software, energy expertise and operational execution at scale.
“VEV is one of the few European platforms bringing those capabilities together, already powering more than 20% of the UK heavy-fleet energy market. We are excited to support the company in its next stage of growth and in building a category-leading platform for electric mobility.”
VEV’s approach to fleet electrification is built around VEV IQ, an intelligent charging and energy management platform that provides fleet operators with real-time visibility and control of vehicles, chargers and on-site energy assets through a single system. The platform has been rolled out across more than 600 sites spanning the transport, logistics and waste sectors.
Mike Nakrani, CEO of VEV, said: “For fleet operators, the challenge is no longer simply choosing electric vehicles. It’s about integrating infrastructure, energy and operations in a way that is reliable, cost-effective and scalable. We see EVs as a critical part of the future energy system, where vehicles, charging infrastructure, onsite generation and battery storage work together to strengthen resilience, reduce costs and unlock greater value from electrification.
“The business has expanded rapidly as the sector moves from early adoption to large-scale deployment. We see significant opportunities ahead through targeted acquisitions and continued product innovation, drawing on our expertise across both transport and energy to help customers electrify fleets at scale.
“Vitol’s support enabled us to establish the business in a market that has evolved at pace. Now, as an independent company backed by Jolt Capital and Tesi, we are well-positioned to accelerate our expansion, broaden our capabilities and support customers across Europe.”
