THE UK’s electric vehicle (EV) infrastructure of public chargers received a significant boost with more funding for sustainable energy supplier GRIDSERVE.
The company has secured £200m ($2.42 million) additional funding from Infracapital, the infrastructure equity investment arm of M&G Plc.
GRIDSERVE says this will secure the delivery of more than 5,000 High-Power Chargers over the next three years across the Electric Highway public charging network - located at service stations on the UK’s motorway - Electric Super Hubs and the company’s own Electric Forecourts.
With such a strategically important network on the UK’s motorways, it will help fleets have greater confidence to electrify their vehicles, knowing drivers can recharge quickly while away on business.
GRIDSERVE acquired the Electric Highway a year ago from Ecotricity, and says it has constantly updated what had become a dilapidated network of chargers.
It now says that charging sessions have tripled within the first 12 months of GRIDSERVE acquiring the nationwide network and more than 100,000 EV charging sessions each month. Meanwhile reliability, once a network bugbear under Ecotricity, was running at 99% uptime, GRIDSERVE reported.
Toddington Harper, GRIDSERVE CEO, commenting on the new investment, said, “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 important and we therefore need to take action as quickly as possible. This investment partnership will enable GRIDSERVE to continue to deliver maximum impact without delay.“
Harper added that the investment would enable further progress on what it calls its Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms, distributing energy through its national charging network of Electric Forecourts and Electric Hubs, and accelerating the uptake of electric vehicles with a wide range of EV leasing offers to both private and business customers.
The investment by Infracapital complements the continuing multi-million pound partnership with financial services company, Mitsubishi HC Capital UK Plc and TPG Rise - a global impact investing platform - which also increased its shareholding in the company as part of the Infracapital transaction.