UK Infrastructure Bank commits £45 million to support EV charging infrastructure across motorway services
The financing from the UK Infrastructure Bank is part of a £300m committed Capex facility, which will support investment in around 2,000 ultra-rapid (up to 350kW) charging points as part of an expansion by sustainable energy business GRIDSERVE’s to increase availability at motorway service areas nationwide.
With around 45% of all public charging points currently located in London and the South-East, GRIDSERVE will invest in on-route and destination charging points nationwide aligning with the Bank’s mandate to drive regional and local economic growth, as well as supporting the transition to net zero.
John Flint, chief executive officer of UK Infrastructure Bank said:
"Road transport is one of the largest contributors to UK greenhouse gas emissions, and the Bank can play a critical role in unlocking finance which will accelerate the decarbonisation of this sector.
"We have been supporting this debt raise from the outset and, as we have seen investor appetite grow and more players come in on the deal, it has affirmed the role we can play in stimulating these types of emerging markets. We hope to play a similar role with other charge point operators looking to scale up in the future.
"More broadly, one of the barriers to consumer adoption of EVs is access to charging infrastructure, and our support for GRIDSERVE will not only directly increase accessibility for UK drivers but also demonstrates the viability of debt financing to boost further investment."
Andrew Griffith, economic secretary to the Treasury, said:
"I am pleased to see the UK Infrastructure Bank investment into GRIDSERVE’s EV charging infrastructure, which will improve public access to convenient and reliable charging infrastructure across the UK."
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