- Infracapital has made a £200 million investment to support new product development
- GRIDSERVE is a tech-enabled sustainable energy business that looks to aid the decarbonisation of transport through electric vehicle infrastructure
- Infracapital’s investment in GRIDSERVE supports its plans to further its Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms for its network of electric forecourts and electric hubs
London-headquartered Infracapital announced on Monday it has made a £200 million growth investment in Iver, England-headquartered GRIDSERVE.
GRIDSERVE is a tech-enabled sustainable energy business. GRIDSERVE’s Electric Highway is a national public charging network covering 85% of the UK’s motorway service areas and select retail destinations. The investment from Infracapital is to support GRIDSERVE’s Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms for its network of electric forecourts and electric hubs.
Infracapital is the infrastructure equity investment arm of M&G. It has worked with over 60 companies around Europe and has raised and managed over £6.8 billion of capital across six funds.
“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 joins existing investors Mitsubishi HC Capital UK and TPG Rise – TPG’s global impact investing platform. Both have also increased their shareholding in the company as part of the deal.
“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’s network of electric forecourts and hubs is already charging over 100,000 electric vehicles every month.