Hitachi Capital (UK) Plc has made a £10m (€11.2m) investment in Gridserve, expanding the firms’ existing partnership on the back of the launch of the UK’s first ultra-fast Electric Forecourt.

Hitachi Capital UK has already teamed up with Gridserve to launch a new ‘UK-first’ net zero electric vehicle leasing business and is supporting Gridserve’s plans for 100 Electric Forecourts in the UK

Global energy business Gridserve announced two years ago that it was working on the EV-focused service stations and has now opened the first site. Over the next five years, it will build more than 100 Electric Forecourts across the UK.

Hitachi Capital UK already funded over £24m in Gridserve projects in 2020 and has teamed up with Gridserve to launch a new ‘UK-first’ net zero electric vehicle leasing business.

It said the latest investment is aligned to its wider vision of financially supporting projects that go towards delivering a net zero carbon economy.

Hitachi Capital UK’s partnership with Gridserve aims to revolutionise the UK’s approach to solar energy and create the infrastructure to accelerate the adoption of electric vehicles through the network of Electric Forecourts while also using the Electric Vehicle Solutions leasing service to remove a key barrier to mass EV adoption.

Robert Gordon, CEO of Hitachi Capital (UK) Plc, 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, commented: “Having Hitachi Capital (UK) PLC 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.”