The UK’s “largest” electric vehicle (EV) charging network, InstaVolt, has announced a substantial capital raise from existing investor EQT Infrastructure.
The amount invested by EQT was not disclosed by either of the companies.
EQT Infrastructure first acquired InstaVolt from Zouk Capital in February 2022 and is now expanding its investment to ensure a continuous rollout of EV chargers across the UK and Europe.
The chargepoint operator (CPO) currently has more than 2,000 chargers in either operation or construction and is the only company that installs solely ultra-rapid chargers over 100kW+.
In June 2023, InstaVolt launched one of the largest ultra-rapid EV charging hubs in Iceland and has since received planning approval for a “super hub” along the A34 in Winchester which will see 44 ultra-rapid chargers installed.
As it stands, InstaVolt plans to install 11,000 chargers in the UK and Ireland, 5,000 across Spain and Portugal, and over 300 in Iceland.
These numbers far exceed the company’s initial goal in 2022 of reaching 10,000 chargers installed by 2032.
Adrian Keen, CEO of InstaVolt, said: “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.”
InstaVolt charging the UK
InstaVolt is a significant player in the UK’s domestic EV charging industry, as well as the international ventures the company is currently taking on.
Immediately after being acquired by EQT Infrastructure, the CPO launched its ultra-rapid EV charging hub in Banbury, Oxfordshire. The station went live in April 2022 and houses 32 chargers ranging between 120kW to 150kW.
This station, however, pales in comparison to InstaVolt’s current project, which the CPO has promised will be “London’s largest ultra-rapid charging hub”.
Announced in July 2023, the Brentford-based station will feature 14 160kW BYD chargers, according to the planning application on the London Borough of Hounslow website.