GRIDSERVE secures £200m investment from Infracapital
Electric vehicle charging infrastructure firm GRIDSERVE has secured an initial £200m investment from Infracapital – the infrastructure equity investment arm of M&G Plc.
The funding will support the company’s drive to decarbonise transport through EV infrastructure and its mission to deliver sustainable energy on the scale needed to move the needle on climate change.
Infracapital’s investment enables GRIDSERVE to deliver over 5,000 High Power Chargers by 2025, across both Electric Super Hubs and Electric Forecourts.
The investment also accelerates GRIDSERVE’s plans to further the company’s pioneering Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms, distributing energy through an award-winning national charging network of Electric Forecourts and Electric Hubs, and accelerating the uptake of electric vehicles with leasing a wide range of the latest electric vehicles.
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. “
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.”
GRIDSERVE is transforming the EV 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% of the UK’s motorway service areas and some of the UK’s busiest retail destinations, and is already successfully charging over 100,000 electric vehicles every month.
GRIDSERVE will expand 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 1 million miles in a modern electric car. GRIDSERVE Car Leasing will also continue its growth.
Infracapital’s initial investment complements the continuing multi-million pound partnership with financial services company, Mitsubishi HC Capital UK Plc and TPG Rise – TPG’s global impact investing platform, who have also increased their shareholding in the company as part of the Infracapital transaction. The investment was supported by top level advisors including legal firm, White & Case and professional services organisation, PWC. Nomura Greentech acted as financial advisor to GRIDSERVE on the capital raise. Infracapital were advised by RBC Capital Markets, and Clifford Chance.
Image courtesy of GRIDSERVE.
