Electric vehicle charging company InstaVolt is powering up its ambitious growth strategy thanks to a £12m equity investment from Zouk Capital.
InstaVolt, which provides the rapid charging infrastructure for electric vehicles, plans to use the funding to achieve its target of introducing rapid charging points in more than 3,000 locations by 2020.
It follows news unveiled in November’s Autumn Statement that the Government is to invest £80m in boosting the country’s ultra-low emission charging infrastructure.
Colin Campbell, Partner at Zouk Capital said: “Our confidence in InstaVolt’s experienced management team combined with the company’s distinctive open access rapid charging model lead us to believe that InstaVolt will be one of the frontrunners in this fast growing space. In our view, the rapid charging market is a very important part of the electric vehicle revolution and improving air quality.”
CEO of InstaVolt, Tim Payne, said: “We are fiercely ambitious and rightly so – the electric vehicle market has the potential to dramatically reduce pollution in the UK and this is recognised by the Government through the fact it is investing millions in improving charging infrastructure. The funding from Zouk will allow us to bring our five-year growth plan to fruition, introducing more than 3,000 rapid charging points in the process.”
InstaVolt, headquartered in Basingstoke, aims to improve air quality and reduce carbon emissions by making the UK an easier place to drive an electric vehicle. According to Government statistics, one of the biggest barriers that deters people from buying electric vehicles is the fear of not being able to recharge. InstaVolt aims to change this by introducing thousands of rapid charging points all over the country.
Unlike many other providers, InstaVolt’s ‘open charger’ model allows anyone to use its charging points on a pay-as-you-go basis. The 50kW rapid charging units can provide an 80% charge in just 30 minutes and are listed on popular website, zap-map.com, so they are easy to locate.
The company is working with local authorities, businesses and land owners across the UK to install the rapid charging points, which deliver a financial return for those who house them. Among the organisations embracing InstaVolt’s unique solution is Mid Devon Council, which is in the process of installing several charging points across its land.
InstaVolt is able to install its charging points almost anywhere, including at the roadside and in supermarket car parks. It provides a full service, from design and installation to maintenance and monitoring.
To find out more about the company visit www.instavolt.co.uk