Sustainable energy business GRIDSERVE has secured an initial £200m investment from Infracapital, the infrastructure equity investment arm of M&G Plc. The investment supports the company’s drive to decarbonise transport through electric vehicle (EV) infrastructure as well as its mission to deliver sustainable energy on the scale needed to move the needle on climate change.
The investment will certainly accelerate GRIDSERVE’s plans to develop 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 EV adoption through leasing electric vehicles.
“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,” said Toddington Harper, GRIDSERVE CEO.
“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.”
GRIDSERVE has already begun to transform the EV charging experience, helping to accelerate the decarbonisation of transport with its development of the GRIDSERVE Electric Highway charging network.
The GRIDSERVE Electric Highway is a leading national public charging network covering 85% of the UK’s motorway service areas and some of the UK’s busiest retail destinations. The network is already successfully charging over 100,000 electric vehicles every month.
Infracapital’s investment enables GRIDSERVE to deliver over 5,000 high-power chargers by 2025, across both Electric Super Hubs and Electric Forecourts®. GRIDSERVE will also expand development of its hybrid solar farms to generate and deliver net zero energy for its network.
According to GRIDSERVE, every acre of UK solar farms that it delivers is able to generate enough zero carbon energy every year to drive approximately 1 million miles in a modern electric car.
The investment will help to develop GRIDSERVE’s ‘Sun-to-Wheel’ model.
“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,” said Andy Matthews, Head of Greenfield at Infracapital.
“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 Plc and TPG Rise – TPG’s global impact investing platform, who have also increased their shareholding in the company as part of the Infracapital transaction.