Infracapital, the infrastructure equity investment arm of M&G Plc, has invested £200 million into GRIDSERVE.
The funding will help expand the electric vehicle (EV) infrastructure company’s Sun-to-Wheel model, which combines hybrid solar farms, its charging network of Electric Forecourts and Electric Hubs and the leasing of a wide range of the latest EVs.
“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,” said Toddington Harper, GRIDSERVE CEO.
“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 will work to deliver over 5,000 high power chargers by 2025 utilising Infracapital’s investment. The company opened its latest Electric Hub in Yorkshire in July, the eighth in its rollout of sites around the UK.
Additionally, it opened its second Electric Forecourt in April in Norwich, following its flagship site in Braintree back in 2020.
The latest investment from Infracapital follows multi-million pound partnerships with financial services company, Mitsubishi HC Capital UK Plc and TPG Rise – the latter has increased its shareholding in GRIDSERVE as part of the Infracapital transaction.
Legal firm White & Case supported the transaction, along with professional services organisation PWC. Nomura Greentech acted as financial advisor to GRIDSERVE, and Infracapital was advised by RBC Capital Markets and Clifford Chance.
“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,” said Andy Matthews, head of greenfield at Infracapital.
“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.”
Along with its Electric Hubs and Electric Forecourts, GRIDSERVE is continuing to build out its Electric Highway charging network, which now covers 85% of the UK’s motorway service areas as well as numerous retail destinations. Over 100,000 EVs are already using it to charge every month.
In the year since the company acquired the Electric Highway from Ecotricity, the number of charging sessions tripled while the energy supply quadrupled, it noted in June.
