Swedish EQT strikes deal for UK EV charging operator Instavolt

Swedish private equity firm EQT AB (STO:EQT) on Tuesday unveiled an agreement to acquire Instavolt Limited from UK infrastructure fund manager Zouk Capital, gaining access to a network of 700 rapid-charging points for electric vehicles (EVs) across Britain.

The financial terms of the deal, channelled through EQT's fifth infrastructure fund, were withheld. The fund, which held its final close at EUR 15.7 billion (USD 17.8bn) in November 2021, will be invested at between 65% and 70% as a result of the transaction, EQT said.

Headquartered in Basingstoke, southern England, Instavolt was established by Zouk Capital together with Instavolt management in 2016. The company owns, installs and maintains EV charging units, enabling landowners to earn a rental income by housing them.

Against the backdrop of Britain committing to ban the sale of petrol and diesel cars from 2030, EQT Infrastructure will support Instavolt in its goal to roll out 10,000 rapid EV chargers by 2032.

(EUR 1 = USD 1.134)

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