InstaVolt will be acquired by EQT!
EV infrastructure is not keeping up with car adoption, according to InstaVolt, which maintains 700 charging stations across the United Kingdom.
With an agreement to purchase an operator of electric-vehicle chargers in the United Kingdom, EQT AB is banking on the development of green motoring in the United Kingdom.
According to a statement released Tuesday, the private equity firm’s infrastructure unit has agreed to buy InstaVolt from Zouk Capital for an unknown price.
The EV charging company, situated in Basingstoke, United Kingdom, has 700 charge outlets for electric vehicles, most of which are located in retail, food, and beverage forecourts.
According to the Society of Motor Manufacturers and Traders, while EV adoption in the UK more than quadrupled between 2019 and 2021, charging points only rose by 70%.
Carmakers in the United Kingdom are responding by pushing for the establishment of an independent regulator to monitor the country’s EV infrastructure drive, citing worries that long queues at charging stations could deter customers.
In a statement, Anna Sundell, partner and head of EQT Infrastructure’s U.K. consulting team, stated: “The future is electric.” “InstaVolt is critical to the implementation of electric vehicle charging infrastructure across the United Kingdom, which is required for broad adoption of electric vehicles.”
EQT was advised by RBC Capital Markets LLC, while Zouk was advised by UBS Group AG.