EQT buys InstaVolt to hasten UK EV charging rollout

Basingstoke-based EV charging firm InstaVolt has been acquired by EQT Infrastructure in a bid to hasten the rollout of public EV charging stations across the UK.

Current estimates suggest that as many as one-third of households will lack access to off-street charging, and with electric vehicle sales soaring, EQT is looking to take control of InstaVolts fleet of 700 stations with a goal to launch a network of 10,000 by 2032.

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With the purchase, EQT is expected to operate a 65-70% share in the charging firm.

The UK government has pledged to ban the sale of fully-petrol and diesel-powered cars by 2030, which means that only hybrid and low-carbon options will be available.

The company's expansion will be partially funded by the £420 million Charging Infrastructure Fund, which has been sponsored by the British government.

InstaVolt's charging stations are often found in very public locations, such as supermarkets, forecourt sites and retail chains, and have been designed to be as convenient as possible.

Some chains these stations have been placed at include McDonald's, Costa and Booths and the firm claims they have been highly-rated by customer polls.

"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", Anna Sundell, the Head of EQT Infrastructure's UK Advisory Team said in a statement.

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"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".

The deal will also see founding investor Zouk Capital exit the company after being responsible for establishing InstaVolt back in 2016.

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