Gridserve, a UK electric vehicle (EV) charging infrastructure operator, has secured a £100m (€115.4m) capital injection from its existing investors TPG Rise, Mitsubishi and Infracapital.
The EV charge point operator said the new capital, together with its existing equity and debt facilities, will enable the firm to capitalise on long-term opportunities as it continues to roll out charging infrastructure across the UK.
The latest capital raise follows an August 2022 announcement where Infracapital, M&G’s infrastructure equity investment arm, committed an initial £200m to Gridserve, a transaction that also involved Gridserve’s existing partners TPG Rise and Mitsubishi HC Capital UK increasing their shareholding.
Roy Williamson, Gridserve chair, said: “This equity raise places Gridserve in a robust position to sustain its network growth and signifies a strong vote of confidence in the company’s future growth prospects.
“Gridserve’s deep EV expertise sets the industry standard with a reliable 99% uptime, customer satisfaction, and service excellence, while we are further strengthening strategic partnerships with leading locations.”
Daniel Kunkel, Gridserve CEO, said: “I am delighted that the growth in confidence and investment from our shareholders continues to give us the ability to grow our capacity to serve our customers, building on our status as the most used network in the UK.
“Our exceptional 5-star rated customer experience sets the industry standard for satisfaction and service excellence, while our strong strategic partnerships with leading locations provides a base for the further strengthening of our platform for growth, which comes at a critical moment in the energy transition.”
Priya Veerapen, managing director, Infracapital said: “We are proud to continue supporting Gridserve as it scales its innovative and essential charging infrastructure. This latest investment demonstrates our continued long-term confidence in the company and its focus on meeting the evolving needs of EV drivers across the UK.”
Jamie Gilbert, business unit partner, TPG Rise Climate, said: ”Gridserve continues to offer a differentiated EV charging experience, led by quality, convenience, and reliability.
“This additional investment from TPG Rise Climate underscores our shared commitment to leading the decarbonisation of transportation in the UK by harnessing renewable energy and distributing it across a scaled national charging network of electric forecourts and electric super hubs. We look forward to supporting Gridserve’s next phase of growth.”
Robert Gordon, CEO Mitsubishi HC Capital UK, said: “Gridserve continues to set the benchmark for what resilient, future-ready EV infrastructure should look like.
“Our continued support reflects confidence not just in Gridserve’s leadership, but in the vital role it plays in supporting the UK’s clean transport ambitions through a network that delivers at scale, with quality and consistency.”
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