GRIDSERVE, a UK company that operates the electric highway charging network, announced on Monday that it has secured a £200M (approximately €236M) investment from Infracapital, the infrastructure equity investment arm of M&G Plc.
The company says the funds will help accelerate the development of its Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms and distributing it to EVs through its network of Electric Forecourts and Electric Hubs.
The company plans to deliver over 5,000 High Power Chargers by 2025 across both Electric Super Hubs and Electric Forecourts. The company also intends to expand the development of its hybrid solar farms to generate and deliver net zero energy for its network.
Toddington Harper, CEO of GRIDSERVE, says, “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 significant, and the IPCC’s latest dire warnings solidify the reality that we are in last chance territory. 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: What you need to know
The GRIDSERVE Electric Highway is a national public charging infrastructure and has covered 85 per cent of the UK’s motorway service areas. Each month, the company charges over 100,000 electric vehicles.
Every acre of UK solar farms that the company creates can generate enough zero-carbon energy yearly to drive 1M miles in a modern electric car. Based out of Iver, Buckinghamshire, GRIDSERVE is a tech-enabled company that aims to decarbonise transport through electric vehicle infrastructure.
Investor
Infracapital invests in, builds, and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth.
Andy Matthews, Head of Greenfield at Infracapital, says, “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 growth phase.”
