EV charge point provider, InstaVolt, has raised £110 million in senior debt financing from Santander, Lloyds Bank, Investec, Natixis and NIBC to expand its rapid EV charging infrastructure throughout the UK.
The funding comes three months after EQT Infrastructure acquired InstaVolt, to build a nationwide network of 10,000 rapid EV chargers by 2032, the company said in a statement.
The development comes at a time when the demand for public charging points is rising. According to the Society of Motor Manufacturers and Traders (SMMT), electric vehicle ownership in the UK rose by 71 per cent in 2021, while a third of British households lacked access to off-street or private driveway charging.
This latest investment is part of the company’s infrastructure expansion plan as consumer uptake continues to build ahead of the government imposed 2030 sanction on the sale of petrol and diesel vehicles.
“This funding will form an important part of our strategy to expand our network within the UK and support our country’s continued green transition: a journey which requires organisations and bodies to come together wherever possible,” said Adrian Keen, InstaVolt’s Chief Executive Officer. “We are witnessing a rapid transition to electric vehicles, and it is of fundamental importance that the infrastructure is in place to support that.”
InstaVolt owns, installs, and maintains rapid electric vehicle charging units nationwide, operating an ‘open charger’ model, where anyone can use its charging points on a pay-as-you-go basis.