InstaVolt has been acquired by global investment fund EQT Infrastructure, with the acquisition expected to lead to a rapid expansion of the company’s charging network.
The acquisition will see InstaVolt join EQT Infrastructure’s V fund, which features the likes of US energy firm Cypress Creek Renewables. However, the major benefit of joining the fund will be the cash that will now be available to InstaVolt to fund the expansion of its rapid charging network.
EQT Infrastructure says that it is committed to invest significantly to accelerate InstaVolt’s expansion of charge points across the UK, and support the mission to roll out 10,000 rapid EV chargers by 2032. It notes that InstaVolt’s strong market position, combined with EQT’s deep knowledge within energy transition and sustainability, will set-up InstaVolt for further success, both in the UK but also abroad.
Anna Sundell, Partner and Head of EQT Infrastructure’s UK Advisory Team, said, “The 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. We 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.”
Adrian Keen, InstaVolt’s Chief Executive Officer, added, “InstaVolt 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. We want to thank our partners and customers who have supported us on our journey so far and want our customers to be reassured that what has made InstaVolt so successful, including our focus on reliability and ease of use, remains unchanged.”
The investment sees founding investor Zouk Capital exit after establishing InstaVolt with the management team in 2016. Zouk is the manager of the Charging Infrastructure Fund (“CIIF”) and has a central objective of scaling open-access, public EV charging networks for the UK’s EV drivers. The firm has other investments in the space including Char.gy, Be Power, and EO Charging.
Massimo Resta, Partner at Zouk Capital, commented, “The InstaVolt team and Zouk identified the opportunity in 2016 and built one of the leading rapid EV charging infrastructure companies in the UK. We believe the management team are in great hands with EQT and wish InstaVolt the very best for the next stage of their journey.”