New investment to drive InstaVolt’s expansion is ‘sign of confidence’ in EV charging, says CEO

InstaVolt has announced a ‘significant’ capital raise with EQT Infrastructure to drive its expansion across the UK and Europe.

EQT acquired the Basingstoke business in February 2022 ahead of a busy 2023 for InstaVolt, which saw its network grow to more than 2,000 chargers either in operation or under construction.

In June it launched Iceland’s largest ultra-rapid EV hub, but it’s now looking close to home following planning approval for a new super hub along the A34 near Winchester.

The latest investment from EQT will be put towards new developments in the UK, Iceland, Portugal, Spain and the Republic of Ireland.

Adrian Keen, CEO of InstaVolt, said: “This additional funding is a sign of confidence in InstaVolt and the EV charging industry as a whole – not just across the UK, but on a global scale.

“In the last 18 months with EQT, we’ve been able to explore considerable new opportunities, including the introduction of Octopus and AllStar cards, to ease the transition to EV for our customers and fleets.

“The transition to green vehicles is happening.

“There are currently more than 975,000 fully electric cars on UK roads, and the ZEV mandate means 80 per cent of all new cars and 70 per cent of new vans sold by 2030 will be electric, rising to 100 per cent by 2035.

“This will put us well on the road to 10 million electric vehicles within six years’ time.

“With this latest financial news InstaVolt are in the driver’s seat to deploy the number of chargers needed and invest heavily in installing a future-proofed network internationally.”