- Infracapital backs Gridserve’s drive to decarbonise transport through electric vehicle infrastructure in the UK and beyond
- Gridserve remains on track to deliver at least 5,000 high-power chargers across electric super hubs and Electric Forecourts by 2025
- Infracapital joins with existing partners, TPG Rise and Mitsubishi HC Capital UK plc.
Gridserve, the tech-enabled sustainable energy business and creator of the ’Electric Forecourt’, has secured an initial £200m investment from Infracapital, the infrastructure equity investment arm of M&G plc, in support of the company’s drive to decarbonise transport through electric vehicle infrastructure and its 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, which encompasses generating energy through hybrid solar farms, distributing energy through a 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 aims to transform the EV charging experience and accelerate the decarbonisation of transport with the its Electric Highway charging network, supplied by net-zero carbon energy. The Gridserve Electric Highway is a national public charging network covering 85% of the UK’s motorway service areas and some of the UK’s busiest retail destinations, andclaims to already be successfully charging over 100,000 electric vehicles every month.
Infracapital’s investment enables Gridserve to deliver more than 5,000 high-power chargers by 2025, across both electric super hubs and Electric Forecourts. Gridserve will also expand development of its hybrid solar farms to generate and deliver net-zero energy for its network. The company claims that every acre of UK solar farms it 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.
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, which has also increased its shareholding in the company as part of the Infracapital transaction.