Gridserve to accelerate EV infrastructure plans with £200m investment

Gridserve has secured an initial £200 million investment from Infracapital, the infrastructure equity investment arm of M&G,.

The investment accelerates Gridserve’s plans to further the company’s ‘Sun-to-Wheel’ model, which encompasses generating energy through hybrid solar farms, distributing energy through a national charging network of Electric Forecourts and Electric Hubs, and accelerating the uptake of electric vehicles (EVs) with leasing a wide range of the latest plug-in cars.

The Gridserve Electric Highway public charging network covers 85% of the UK’s motorway service areas and some of the UK’s busiest retail destinations, and is already successfully charging over 100,000 EVs every month.  

Infracapital’s investment enables Gridserve to deliver more than 5,000 high power chargers by 2025, across both its Electric Super Hubs and Electric Forecourts.

It will also expand development of its hybrid solar farms to generate and deliver net zero energy for its network.

Toddington Harper, CEO of Gridserve, 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 the IPCC’s latest dire warnings solidify the reality that we are in last chance territory, and we therefore need to take action as quickly as possible.

“This investment partnership will enable Gridserve to continue to rise to this challenge and deliver maximum impact without delay.”

Andy Matthews, head of Greenfield at Infracapital, added: “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. We look forward to working with the Gridserve team as the business moves into this next phase of growth.”

Infracapital’s initial investment complements the continuing multi-million pound partnership with financial services company, Mitsubishi HC Capital UK and TPG Rise – TPG’s global impact investing platform, who have also increased their shareholding in the company as part of the Infracapital transaction.

The investment was supported by top level advisors including legal firm, White and Case and professional services organization, PWC. Nomura Greentech acted as financial advisor to Gridserve on the capital raise. Infracapital were advised by RBC Capital Markets, and Clifford Chance.  

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