Infracapital, M&G鈥檚 infrastructure equity investment arm, is investing in electric vehicle (EV) charging infrastructure via an initial 拢200m (鈧�196m) investment in energy firm Gridserve.
Gridserve鈥檚 existing partners TPG Rise and Mitsubishi HC Capital UK have also increased their shareholding in the company as part of the Infracapital transaction.
Gridserve said its electric highway charging network covers 85% of the UK鈥檚 motorway service areas and some of the UK鈥檚 busiest retail destinations, adding that Infracapital鈥檚 investment will enable it to deliver over 5,000 chargers by 2025.
Toddington Harper, Gridserve鈥檚 CEO, said: 鈥淭hrough this investment partnership with Infracapital, we鈥檙e excited that our plans can accelerate, and it鈥檚 evident we now have the momentum we require.
鈥淭hey are the perfect partners to join our business as we move to the next level as a company. Their commitment to clean tech, infrastructure, and ESG gives our collective organisations deep-rooted synergies around a shared mission.鈥�
Andy Matthews, the head of greenfield at Infracapital, said: 鈥淲e are delighted to have invested in Gridserve, as part of our ongoing drive to enable positive change and to make a meaningful contribution to the energy transition while delivering value to our investors.
鈥淕ridserve is leading the charge in the decarbonisation of the UK鈥檚 transport system and is led by an experienced management team that has already made great progress in expanding Gridserve鈥檚 platform.鈥�
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