InstaVolt has announced a significant capital injection from the company’s existing investors, EQT Infrastructure to ensure the pace of its roll out continues across the UK and Europe, including Iceland, Portugal, Spain and the Republic of Ireland.
Following EQT Infrastructure’s acquisition of the business in February 2022, InstaVolt says the additional funding shows confidence from EQT and further support for it to become the largest chargepoint operator in every country it operates in.
The InstaVolt network now has more than 2,000 chargers in operation or construction in the UK. As part of the company’s pledge to meet customer demand for faster charging, it says it is the only chargepoint operation (CPO) that solely installs ultra-rapid chargers over 100kW+.
Focus will remain on working with leading, premium brands across Europe to offer first-class amenities and deliver larger hubs. InstaVolt launched the largest ultra-rapid EV charging hub in Iceland in June 2023 and has planning approval for a super hub along the A34 in Winchester, which will see 44 ultra-rapid chargers installed, with accessibility in mind.
InstaVolt has plans to install 11,000 chargers in the UK and Ireland, 5,000 across Spain and Portugal, and over 300 in Iceland.
Adrian Keen, CEO of InstaVolt stated, “This additional funding is a sign of confidence in InstaVolt and the EV charging industry as a whole, while showing the ambition to invest in future infrastructure, not just across the UK, but on a global scale. In the last 18 months with EQT, we have been able to explore considerable new opportunities including the introduction of Octopus and AllStar cards to ease the transition to EV for our customers and fleets.
“There are currently more than 975,000 fully electric cars on UK roads, and the ZEV mandate means 80% of all new cars and 70% of new vans sold by 2030 will be electric, rising to 100% by 2035. This will put us well on the road to 10 million electric vehicles within six years’ time. With this latest financial news InstaVolt is in the driver’s seat to deploy the number of chargers needed and invest heavily in installing a future-proofed network internationally.”
