Hitachi Capital will invest a further £10m into Gridserve Holdings, reinforcing the existing partnership between the two businesses.

The investment is expected to support the development of projects facilitating a transition to a zero-carbon economy.

In 2020, Hitachi Capital UK funded over £24m in Gridserve projects, including the launch of the UK’s first ultra-fast Electric Forecourt in Braintree.

Hitachi Capital chief executive, Robert Gordon, believes the partnership marks a “breakthrough” in delivering the necessary infrastructure for a successful electric mobility industry within the UK.

The Braintree Electric Forecourt accommodates up to 36 electric vehicles (EVs) for simultaneous charging, delivering up to 350kW of power. On the road, this represents 200 miles of range within a 20-minute period.

Following the Braintree in December, Gridserve announced plans to build more than 100 Electric Forecourts across the UK, delivering convenient, fast and reliable charging to EVs.

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Electricity used by the Forecourts will be generated from both the solar power canopies above the chargers, and a network of hybrid solar farm, also operated by Gridserve.

In a collective effort to accelerate the adoption of EVs, the partnership also encompasses the UK’s first net zero EV leasing business, which is designed to reduce the cost of EVs below that of an Internal Combustion Enginer (ICE) model.

The leasing arm will offer EVs from all major vehicle manufacturers. From the time of launch in December, this included Audi, BMW, DS, Mercedes-Benz, MG, Mini, Nissan, Renault and Volkswagen.

Gordon continued: “Combining our financial strength and motor industry expertise with Gridserve’s leading renewable energy work is a perfect partnership to create a new revolutionary green energy future.

“Our intention is to become a market leader for EV adoption and today’s announcement, along with our commitment that 20% of our assets will support sustainable business projects over the next five years, shows our determination to deliver on that promise.”