Sustainable energy business GRIDSERVE has secured a £200m investment from Infracapital to decarbonise the mobility industry by developing electric vehicle (EV) infrastructure.
The investment will support GRIDSERVE’s Sun-to-Wheel model, which looks to harness solar energy through hybrid farms and distribute it via the national charging network of electric forecourts and electric hubs.
GRIDSERVE plans to use the proceeds to accelerate EV uptake by growing its electric car leasing service and investing in the development of its hybrid solar farms.
By 2025, GRIDSERVE aims to deliver 5,000 high-power chargers across both electric forecourts and electric hubs.
GRIDSERVE claims that its national public charging network covers 85% of the UK’s motorway service areas and caters to over 100,000 electric vehicles every month.
GRIDSERVE CEO Toddington Harper said: “Through this investment partnership with Infracapital, we are excited that our plans can accelerate, and it is 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.”
The investment complements the existing partnership with financial services firms, Mitsubishi HC Capital UK and TPG Rise, which have increased their shareholding as part of the transaction.
Infracapital head of greenfield Andy Matthews said: “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.”