Buckinghamshire-based Gridserve has raised £200+ million in initial funding from Infracapital, the infrastructure equity investment arm of M&G Plc. The fresh juice is aimed at accelerating the expansion of the company's network of EV charging stations and Electric Hubs.
As part of the deal, while not citing specific figures, only referencing a multi-million-pound partnership, Gridserve noted that Mitsubishi HC Capital UK Plc and TPG via its Rise fund, have also increased their stakes in the company.
According to a statement released by the company, "The investment accelerates Gridserve's plans to further the company’s pioneering Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms, distributing energy through an award-winning national charging network of Electric Forecourts® and Electric Hubs, and accelerating the uptake of electric vehicles with leasing a wide range of the latest electric vehicles." And yes, apparently Electric Forecourts is a registered trademark. ®.
CEO Toddington Harper further elaborated, "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."
And it would appear as if those plans do need a bit of acceleration. Back in 2019 Gridserve pledged to open 100 Electric Forecourts in the UK by 2025. We're now rounding the corner on 2022 and at present, precisely one of the 100 is open for business.
BREAKING NEWS: Today #GRIDSERVE unveils plans to build a UK-wide network of more than 100 Electric Forecourts®.
— GRIDSERVE Sustainable Energy (@GRIDSERVE_HQ) March 29, 2019
The company says that this autumn two more facilities will be brought online, one at Gatwick Airport and another in Norwich. To the company's credit, they say they've received planning permission for sites in Uckfield, Gateshead, Plymouth, and Bromborough, but with 28 months to go until d-day, unless Gridserve has some miracle tucked up its sleeve, it looks like that goal is going to fall a bit short.