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Gridserve, which operates the Electric Highway charging network, has received an initial £200 million in funding from Infracapital, the infrastructure investment arm of M&G.
The firm said the investment will enable its ambitions to deliver more than 5,000 high power chargers by 2025 across its Electric Super Hubs and Electric Forecourts.
Gridserve operates what it calls a “sun-to-wheel” model, which sees energy generated via hybrid solar and battery farms which is then used to power its charging network. As well as being used to continue growing its car leasing service, the investment will also be used to expand the development of its solar farms.
Gridserve chief executive Toddington Harper 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…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, said: “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.”
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