EQT Infrastructure to acquire InstaVolt from Zouk Capital
- EQT Infrastructure has agreed to acquire InstaVolt, the UK's fastest-growing independent rapid electric vehicle charging operators, from Zouk Capital
- InstaVolt operates rapid charging infrastructure through its nationwide network of approximately 700 charge points
- EQT Infrastructure is committed to invest significantly in InstaVolt's accelerated roll-out of charge points to reach a nationwide network of 10,000 electric vehicle chargers by 2032
EQT is pleased to announce that the EQT Infrastructure V fund ("EQT Infrastructure") has agreed to acquire InstaVolt Limited ("InstaVolt" or the "Company") from Zouk Capital.
Headquartered in Basingstoke, the UK, InstaVolt is an operator and owner of electric vehicle (EV) charge points with a nationwide network across the UK. The Company was founded in 2016 and is built on a strong vision to enable the UK's journey to net zero through mass adoption of EVs. As a third of British households lack access to off-street charging, many rely on public charging stations. InstaVolt's mission-critical nationwide network of reliable charge points offers secure charging for EV owners to depend on. With EV sales in 2021 totalling more than the five previous years combined, and the UK banning the sale of petrol and diesel cars from 2030, the future is clearly electric.
InstaVolt's charge points are most often situated at retail, food, beverage and forecourt sites, offering a convenient service for the end-user who can combine their charge with other day-to-day activities. Current partners include McDonalds, Costa Coffee, and Booths, amongst others. By providing a reliable, easy-to-use and easily accessible service to its customers, InstaVolt has been rated the most popular open network by EV drivers consecutively for the last four years.
EQT Infrastructure is committed to invest significantly to accelerate InstaVolt's expansion of charge points across the UK, and support the mission to roll out 10,000 EV chargers by 2032. The Company's strong market position, combined with EQT's deep knowledge within energy transition and sustainability, will set-up InstaVolt for further success, both in the UK but also abroad.
Anna Sundell, Partner and Head of EQT Infrastructure's UK Advisory Team, said, "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. 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."
Adrian Keen, InstaVolt's Chief Executive Officer, added, "InstaVolt has set a standard in the UK for driver experience and infrastructure, and now with support from EQT, we are in a unique position to accelerate that target and replicate our model in other geographies, transitioning the business into the next phase of growth. We want to thank our partners and customers who have supported us on our journey so far and want our customers to be reassured that what has made InstaVolt so successful, including our focus on reliability and ease of use, remains unchanged.
The investment sees founding investor Zouk Capital exit in full after establishing the company from its REEIF II Fund with the InstaVolt management team in 2016. Zouk is also the manager of the £420m Charging Infrastructure Fund, sponsored by the UK Government and has a central objective of scaling open-access, public EV charging networks for the UK's EV drivers. InstaVolt was the first investment made by CIIF in 2019 when it invested alongside REEIF II to become the major shareholder.
Massimo Resta, Partner at Zouk Capital, "We are delighted by the extraordinary results the InstaVolt team and Zouk have achieved as trailblazers in EV charging infrastructure."
Colin Campbell, Partner at Zouk Capital added, "Together we identified the opportunity in 2016 and built one of the leading rapid charge companies in the UK. The Zouk funds helped to turbo charge the growth of InstaVolt during an exciting and challenging period and we are proud to have been part of such a success story."
"We believe the management team are in great hands with EQT and wish Instavolt the very best for the next stage of their journey," concluded George Ridd, Partner, Zouk Capital.
RBC Capital Markets acted as exclusive financial advisor and Simpson Thacher & Bartlett acted as legal advisor to EQT Infrastructure.
UBS acted as financial advisor to Zouk and InstaVolt, with Travers Smith acting for the company and management on the sale and Fladgate acting for Zouk.
With this transaction, EQT Infrastructure V is expected to be 65-70 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.
This year, InstaVolt was named the UK's best public charging network by Zap-Map for the fourth year in a row and awarded the EVIE "Private Sector Infrastructure Strategy of the Year" award for the second year in a row.