Liberty Global Ventures, the investment arm of Liberty Global plc, has launched a renewable energy brand, Egg, offering a range of renewable energy solutions including electric vehicle charging for homes and businesses on a subscription basis.
Last year more electric vehicles were sold in the UK than the previous five years combined. As electric cars continue to grow in popularity, Egg’s subscription charging service ensures that its customers have a reliable, sustainable and cost-effective energy solution for their vehicle. The innovative subscription model – which hasn’t previously been available in the UK – means that customers benefit from ongoing maintenance and technical support, all included in a monthly £30 fee and without any up-front fees.
Egg’s launch comes ahead of the UK government ending the Electric Vehicle Homecharge Scheme (EVHS) at the end of March. This means that new electric vehicle owners are no longer able to access a grant of up to £350 for hardware installation. Egg’s monthly subscription model will help ensure that electric vehicle charging remains accessible and affordable for consumers despite the removal of the grant.
The subscription model also leverages the extensive expertise Liberty Global has in delivering subscription products and related support. Previously, home-based electric vehicle charging facilities have typically been installed by the sellers of the equipment without any access to ongoing maintenance and support services. As well as providing electric vehicle charging, Egg will also offer solar panels and battery storage facilities. This means that customers are able to store excess energy created by Egg solar panels to use at home, whether that’s to charge their electric car or for other uses.
The launch of Egg follows Liberty Global Ventures’ acquisition of The Phoenix Works, a specialist sustainable energy solutions provider, in 2020. Egg becomes the second company in the renewable energy sector to be launched by Liberty Global. Also in 2020, Liberty Global Ventures and Zouk Capital – an infrastructure investment fund established by the UK government and backed by HM Treasury – launched a joint venture, Liberty Charge, rolling out on-street residential electric vehicle charging points in the UK.
Robert Dunn, MD, Liberty Global Ventures, comments: “The renewable energy sector represents an exciting value creation opportunity for Liberty Global Ventures as demand for sustainable energy solutions and electric vehicle charging continue to grow exponentially. As one of the world’s leading connectivity providers, we’re exceptionally well-placed to capitalise on this opportunity: we’re a trusted home installer and have long-standing expertise in sustaining subscription relationships, as well as extensive experience in providing consumers with financed assets such as mobile handsets, for example. While we’ll take a measured approach in our first few months to keep up with consumer demand, we look forward to rapidly scaling the business as the market for electric vehicle charging and renewable energy solutions continues to grow at pace.”
Thomas Newby, Chief Executive Officer, Egg, adds: “As electric vehicles become more and more popular, Egg provides a convenient, cost-effective and reliable home charging solution. Egg’s subscription model helps ensure that electric vehicle users are safe in the knowledge that their car is fully charged when they need it to be, reducing the risk and uncertainty for consumers when making the switch to an electric car. This peace of mind is underpinned by the technical support and maintenance services offered by our in-house experts, all included in a monthly subscription.”