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鈥檚 market position, combined with EQT鈥檚 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鈥檚 UK advisory team, said: 鈥淭he 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.
鈥漌e 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.鈥�
Adrian Keen, InstaVolt鈥檚 CEO, said: 鈥淚nstaVolt 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.鈥�
Massimo Resta, a partner at Zouk Capital, said: 鈥淭he InstaVolt team and Zouk identified the opportunity in 2016 and built one of the leading rapid EV charging infrastructure companies in the UK.
鈥淲e believe the management team are in great hands with EQT and wish InstaVolt the very best for the next stage of their journey.鈥�
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