DRIVERS looking to choose their next car can have more confidence in going zero emission as electric vehicle (EV) charging company InstaVolt powers up its ambitious growth strategy with a £12m equity investment from Zouk Capital.
In a carrot-and-stick motoring climate, with growing incentives for ultra low emission vehicles (ULEVs) and the trend for ULEV city zones that will soon become no-go for some, there are now more than 90,000 registered EVs on UK roads – led by business fleets – and a growing public charge point infrastructure of over 4,000 locations.
This shows the importance of the move by InstaVolt, which provides the rapid charging infrastructure for electric vehicles and 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 front runners 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.”
InstaVolt is headed up by Tim Payne, who co-founded energy efficiency firm Anesco and acted as COO before leaving and going on to set up InstaVolt. As part of the senior management team at Anesco, he was instrumental in the company’s meteoric growth and plans to replicate that success at InstaVolt with former Anesco CEO Adrian Pike by his side as chairman.
Now 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 landowners 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.
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