Gridserve raises over £500m to expand charging network

Gridserve has raised financing worth over half a million to upgrade and expand its UK electric vehicle charging network.

The financing comprises £326 million in committed loan facilities, with a further £200 million uncommitted accordion facility for future assets, and totals £526 million.

Gridserve plans to use the funding to develop more than 500 new Electric Super Hubs nationwide, with 3,000 new high power chargepoints with speeds of up to 350kW, capable of providing 100 miles of charge in five minutes.  

The £326 million facility consists of a £300 million term loan, a £10 million working capital facility and a £16 million VAT facility. The financing will be undertaken under Gridserve’s Green Finance Framework.

Toddington Harper, Founder and CEO of Gridserve, said: “To secure the largest debt raise globally for a privately-owned charge point operator is a remarkable endorsement of Gridserve’s electric vehicle charging network, our Sun-to-Wheel strategy, our fantastic team and our future expansion plans.

"This financing – which was a hugely popular transaction amongst banks, attracting overwhelming market demand – will accelerate our delivery, providing customers further confidence to go electric, and fully charge GRIDSERVE’s mission to move the needle on climate change, precisely at the time when urgent action is so critically required.”