Hitachi Capital UK has invested £10m in EV charging business Gridserve that will help fund 100 new electric forecourts over the next five years across the UK.
The financial services firm invested more than £24m in Gridserve projects during 2020, including funding to help complete the first electric forecourt in Braintree, Essex.
It says the latest investment is aligned to its wider vision of backing projects that go towards delivering a net zero carbon economy.
The two companies recently set up an electric vehicle leasing business, designed to bring the cost of driving EVs powered by net zero carbon energy well below that of petrol or diesel cars, and minimise their environmental impact.
Robert Gordon, CEO of Hitachi Capital UK, said, “Our collaboration with Gridserve to deliver sustainable energy marks a breakthrough in delivering the world class infrastructure the UK needs in order to accelerate electric mobility.
“Combining our financial strength and motor industry expertise with Gridserve’s leading renewable energy work is a perfect partnership to create a new revolutionary green energy future.
“Our intention is to become a market leader for EV adoption and today’s announcement, along with our commitment that 20% of our assets will support sustainable business projects over the next five years, shows our determination to deliver on that promise.”
Toddington Harper, CEO of Gridserve Sustainable Energy, added, “Having Hitachi Capital UK as a shareholder in Gridserve represents a major milestone and landmark moment in Gridserve’s journey to deliver sustainable energy and move the needle on climate change.
“Delivering the UK’s first electric forecourt with net zero carbon energy provided by Clayhill Solar Farm, as well as launching the UK’s first net zero leasing business, is testament to the results and benefits we can deliver through our partnership, and we look forward to delivering many more electric forecourts and sustainable energy projects together in the months and years ahead.”