Infracapital Announces £200 Million Investment in Gridserve
Gridserve, a company that develops electric vehicle infrastructure, has received an initial investment of £200 million (237 million euros) from Infracapital, the infrastructure equity investment arm of M&G Plc.
The investment supports Gridserve's plans to build hybrid solar farms to supply power for its UK charging fleet.
This energy will be distributed through a national charging network of electric forecourts and electric hubs, accelerating the uptake of electric vehicles by leasing a wide range of the latest electric vehicles.
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.
"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."
Infracapital, which joins Gridserve's existing investors Mitsubishi HC Capital UK Plc and TPG Rise, was advised on the transaction by RBC Capital Markets (financial) and Clifford Chance (legal). Gridserve was advised by Nomura Greentech (financial), White & Case (legal) and PWC.