Hitachi to loan ‘tens of millions’ for Gridserve’s Electric Forecourt dreams

Hitachi Capital has agreed to provide “tens of millions” of pounds in loans to Gridserve to help finance its plans to build a network of 100 electric vehicle charging stations across the UK, the first of which is being in built in Braintree in Essex.

The loan facility from Hitachi will also help fund a series of solar farms and batteries, including projects in Gloucestershire and Lincolnshire, which will supply power to the “Electric Forecourts”. Each site will have space to charge 24 vehicles at a time at speeds of up to 350kW.

Gridserve chief executive Toddington Harper said: “Our strategic partnership with Hitachi Capital marks a major milestone in Gridserve’s journey.

“As well as providing significant financial backing to accelerate our ability to deliver sustainable energy and meet net zero carbon emission targets in the earliest possible timeframes, Hitachi Capital has an unrivalled wealth of experience, knowledge, resources, and expertise to support our collective success.

“We look forward to launching our first Electric Forecourt together in a few months and delivering many additional projects over the next few years.”

Hitachi Capital chief executive Robert Gordon: “The response to the current pandemic has highlighted the impact of carbon emissions on the environment. We now have a real opportunity, through flagship programmes like this, to create the infrastructure needed to fast-track electric vehicle adoption across the UK and meet the government’s ambition to be carbon neutral by 2050.

He continued: “Our partnership, at the forefront of the electric vehicle revolution, marks a real step change in addressing range anxiety caused by the lack of available charging stations currently available throughout the country.”

Hitachi Capital has already lent Gridserve £5.6 million.