Gridserve, a sustainable energy company, announced a £200 million (~$243 million) investment from Infracapital, the infrastructure equity investment arm of M&G.
The investment will accelerate the company’s Sun-to-Wheel model, which encompasses generating energy through hybrid solar farms and distributing power through a national charging network.
“We 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. Gridserve is leading the charge in the decarbonization of the UK’s transport system and is led by an experienced management team that has already made great progress in expanding Gridserve’s platform. We look forward to working with the Gridserve team as the business moves into this next phase of growth.” said Andy Matthews, Head of Greenfield at Infracapital.
Infracapital’s investment enables Gridserve to deliver over 5,000 High Power Chargers by 2025. Gridserve will also expand the development of its hybrid solar projects to generate and provide net zero energy for its network.
“Investment in the future of our planet has never been so important, and the IPCC’s latest dire warnings solidify the reality that we are in last chance territory, and we, therefore, need to take action as quickly as possible. This investment partnership will enable GRIDSERVE to continue to rise to this challenge and deliver maximum impact without delay,“ said Toddington Harper, CEO of Gridserve.
Nomura Greentech acted as financial advisor to Gridserve on the capital raise. RBC Capital Markets and Clifford Chance advised Infracapital. The investment was supported by advisors, including legal firm White & Case and professional services organization PWC.
Earlier this week, Project Solar, a solar e-commerce firm, raised $23 million in Series A financing to help scale its business in additional markets. The funding round was led by Left Lane Capital, with additional support from strategics within the industry. The company plans to use the latest institutional capital to scale its digital direct-to-consumer offering in new markets.
According to Mercom’s 1H and Q2 2022 report, in 1H 2022, venture capital (VC) funding activity rose 125% with $3.7 billion in 53 deals compared to the $1.6 billion raised in 26 deals in the first half of 2021.