- Leading UK CPO GRIDSERVE has secured £100 million worth of new equity investment from multiple existing shareholders, helping it to continue the strong growth of its rapid charging locations across the country.
- The new capital has been committed by TPG, Infracapital, and Mitsubishi, and comes as the CPO continues to accelerate its charge point rollout.
- With the news coming just after the UK’s newly-introduced Electric Car Grant, it’s even more crucial that CPOs such as GRIDSERVE can continue rolling out infrastructure at a rapid rate, supporting the increasing number of electric cars joining the country’s roads.
GRIDSERVE to capitalise on long-term opportunities with new investment
The move shows the confidence existing shareholders have in GRIDSERVE, with the firm already existing as the most used public charging network in the country. According to survey data from Zapmap, more than half of UK EV drivers who utilised public chargers in the last year have used the GRIDSERVE network.
The new investment will allow GRIDSERVE to scale further across its Electric Forecourts and Electric Super Hubs, whilst maintaining the 99% uptime it measures across its network. It comes at a critical moment for the UK’s EV transition, as more and more drivers make the switch to electric – putting an ever-growing demand on the country’s numerous CPOs.
Roy Williamson, GRIDSERVE Chair, commented:
“This equity raise places GRIDSERVE in a robust position to sustain its network growth and signifies a strong vote of confidence in the company’s future growth prospects. GRIDSERVE’s deep EV expertise sets the industry standard with a reliable 99% uptime, customer satisfaction, and service excellence, while we are further strengthening strategic partnerships with leading locations.”
Daniel Kunkel, GRIDSERVE CEO, added:
“I am delighted that the growth in confidence and investment from our shareholders continues to give us the ability to grow our capacity to serve our customers, building on our status as the most used network in the UK. Our exceptional 5-star rated customer experience sets the industry standard for satisfaction and service excellence, while our strong strategic partnerships with leading locations provides a base for the further strengthening of our platform for growth, which comes at a critical moment in the energy transition.”
The investment comes just months after GRIDSERVE appointed its new CEO, Daniel Kunkel, back in February, who is helping lead GRIDSERVE’s ongoing growth. Whilst this new capital will be a welcome addition for GRIDSERVE, there’s still more actions the CPO wants to see from a governmental level, as Kunkel outlined in a recent guest editor piece on ElectricDrives. One wish for improved charging signage has already been granted thanks to part of a new £63 million charging package, but calls to address the VAT disparity between public charging and domestic energy are still yet to see any action taken.
