GRIDSERVE, the tech-enabled sustainable business that runs the GRIDSERVE Electric Highway, one of the UK’s leading electric vehicle (EV)charging networks, has secured an initial £200 million investment from Infracapital.
Infracapital is the infrastructure equity investment arm of M&G Plc, and the investment will be used to support GRIDSERVE’s drive to decarbonise transport. This will be through electric vehicle infrastructure and the company’s mission to deliver sustainable energy on the scale needed to move the needle on climate change.
The investment accelerates GRIDSERVE’s plans to further the company’s pioneering Sun-to-Wheel model. This encompasses generating energy through hybrid solar farms and distributing energy through an award-winning national charging network of Electric Forecourts and Electric Hubs. Plus, accelerating the uptake of electric vehicles by leasing a wide range of the latest electric vehicles.
This is great news for GRIDSERVE and electric vehicle drivers. Hopefully, the expansion of cleaner greener charging hubs will help the transition to electric vehicles. Plus, by offering the leasing model of driving a zero emissions vehicle avoids the huge outlay for a new vehicle and makes them more accessible.
Toddington Harper, GRIDSERVE CEO, said: “Through this investment partnership with Infracapital, we’re excited that our plans can accelerate, and it’s evident we now have the momentum we require.
“They are the perfect partners to join our business as we move to the next level as a company. Their commitment to clean tech, infrastructure, and ESG gives our collective organisations deep-rooted synergies around a shared mission.
“Investment in the future of our planet has never been so important and the IPCC’s latest dire warnings solidify the reality that we are in last chance territory, and we therefore need to take action as quickly as possible.
“This investment partnership will enable GRIDSERVE to continue to rise to this challenge and deliver maximum impact without delay.”
GRIDSERVE is transforming the electric vehicle charging experience and accelerating the decarbonisation of transport with the GRIDSERVE Electric Highway charging network, supplied by net zero carbon energy.
The GRIDSERVE Electric Highway is a leading national public charging network covering 85 percent of the UK’s motorway service areas and some of the UK’s busiest retail destinations. It is already successfully charging over 100,000 electric vehicles every month. GRIDSERVE opened its newest charging hub in Norwich earlier this year and recently updated the chargers across its motorway network.
Infracapital’s investment will enable GRIDSERVE to deliver over 5,000 high power chargers by 2025. These will be across both of its Electric Super Hubs and Electric Forecourts.
GRIDSERVE will also expand the development of its hybrid solar farms to generate and deliver net zero energy for its network. Every acre of UK solar farms that GRIDSERVE delivers is able to generate enough zero carbon energy every year to drive approximately one million miles in a modern electric car. GRIDSERVE Car Leasing will also continue its growth.
Andy Matthews, Head of Greenfield at Infracapital, said: “We are delighted to have invested in GRIDSERVE, as part of our ongoing drive to enable positive change and to make a meaningful contribution to the energy transition while delivering value to our investors.
“GRIDSERVE is leading the charge in the decarbonisation of the UK’s transport system and is led by an experienced management team that has already made great progress in expanding GRIDSERVE’s platform. We look forward to working with the GRIDSERVE team as the business moves into this next phase of growth.”
