EQT Infrastructure is buying UK rapid electric vehicle (EV) charging operator InstaVolt from Zouk Capital for an undisclosed sum.
Founded in 2016, InstaVolt operates a nationwide network of 700 charge points mainly situated at retail, food, beverage and forecourt sites.
EQT, which is acquiring InstaVolt on behalf of its EQT Infrastructure V global infrastructure fund, said it expects to invest to help InstaVolt roll out its charge points to reach 10,000 by 2032.
InstaVolt’s market position, combined with EQT’s deep knowledge within energy transition and sustainability, will set up InstaVolt for further success, both in the UK and abroad, EQT said.
Anna Sundell, partner and head of EQT Infrastructure’s UK advisory team, said: “The future is electric and InstaVolt is essential to the roll-out of EV charging infrastructure across the UK, a prerequisite for enabling mass adoption of EVs.
”We are excited about supporting InstaVolt in the next phase of growth and for EQT to play its part in decarbonizing the transportation sector and driving the transition towards net zero in the UK and beyond.”
Adrian Keen, InstaVolt’s CEO, said: “InstaVolt has set a standard in the UK for driver experience and infrastructure, and now with support from EQT, we are in a unique position to accelerate that target and replicate our model in other geographies, transitioning the business into the next phase of growth.”
Massimo Resta, a partner at Zouk Capital, said: “The InstaVolt team and Zouk identified the opportunity in 2016 and built one of the leading rapid EV charging infrastructure companies in the UK.
“We believe the management team are in great hands with EQT and wish InstaVolt the very best for the next stage of their journey.”
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