InstaVolt has received £110 million in senior debt financing to continue the expansion of its rapid electric vehicle (EV) charging network.
The financing – which comes from Santander, Lloyds Bank, Investec, Matixis and NIBC – follows EQT Infrastructure acquiring InstaVolt earlier this year, with EQT stating at the time it is committed to investing significantly to accelerate InstaVolt’s chargepoint expansion.
The chargepoint operator is aiming to build a nationwide network of 10,000 rapid EV chargers by 2032.
InstaVolt said this latest investment is a commitment to the EV industry and the company’s own infrastructure expansion as consumer uptake continues ahead of the 2030 ban on the sale of new internal combustion engine vehicles.
Indeed, EV ownership rose 71.% in 2021, with electric cars now accounting for one in five new registrations.
“Having such prestigious banks come together to provide this facility is a sure sign of confidence in InstaVolt and the opportunity provided by the charging infrastructure industry more generally,” said Adrian Keen, InstaVolt’s chief executive officer.
“We are witnessing a rapid transition to electric vehicles, and it is of fundamental importance that the infrastructure is in place to support that.”
In April, InstaVolt opened the expansion of its Banbury EV hub, which it said made it one of the UK’s largest.