despite an increase in revenue, Gridserve incurred significant financial losses
Following a successful year in 2024, Gridserve, a leading provider of EV charging solutions, has announced its plans for continued growth in the UK's electric vehicle sector. The company raised an additional £100 million in capital, a move that will support its expansion and development in the coming years.
According to Gridserve's 2024 annual report, the company experienced a significant increase in revenues, with a 58.8% growth compared to 2023 (£29.1 million). Despite a reported loss of $112 million due to market challenges, the new funding reflects strong shareholder belief in Gridserve's growth outlook and strategic importance in the UK EV ecosystem.
Gridserve's plans for 2025 and beyond focus on network expansion, accelerating ultra-fast charging deployment, and preparing for future battery and charging technology innovations. The key aspects of these plans include:
- Accelerated rollout of High Power charging infrastructure to increase network coverage and service on major UK roads, maintaining their position as the UK’s most used EV charging network with high uptime and customer satisfaction.
- Strengthening strategic partnerships with leading locations to extend network reach and improve customer access to charging points.
- Positioning the company for sustainable and profitable growth by leveraging this new capital alongside existing equity and debt facilities.
- Preparing for incremental technological improvements in EV charging speeds and battery technology over the next five years and beyond, aiming for faster and more accessible charging experiences. This includes the rollout of chargers capable of over 300kW, with future ambitions tied to ultra-fast charging innovations like BYD’s e⁴ Megawatt Flash tech delivering up to 1MW.
- Anticipating that future solid-state battery technologies will enhance vehicle ranges and reduce charging times, complementing Gridserve’s infrastructure advancements.
The funding will not be used for the non-strategic projects identified in 2024, which included certain solar developments, underutilized charging sites, and acquired technologies. Gridserve refined its business strategy and optimized its organizational structure in 2024 to prepare the company for accelerated growth in 2025 and beyond.
Key institutional shareholders such as TPG, Infracapital, and Mitsubishi have shown confidence in Gridserve’s role in expanding and future-proofing EV charging infrastructure during the UK’s transition to electric vehicles. With this new funding, Gridserve plans to expand its High Power EV charging network across the UK’s busiest roads as part of its strategy for continued profitable growth and to capitalize on long-term opportunities in the electric vehicle sector.
[1] Gridserve Press Release, July 2025. [2] Gridserve Annual Report 2024. [3] Gridserve Annual Report 2023. [4] BYD Press Release, June 2021. [5] Gridserve Blog Post, August 2024.
- Gridserve is planning to utilize the £100 million in additional capital for expanding its High Power EV charging network, accelerating ultra-fast charging deployment, and preparing for future battery and charging technology innovations in the business of electric vehicles, as stated in the 2025 press release.
- For the continued growth of Gridserve's finance sector, the company will be strengthening strategic partnerships, positioning itself for sustainable and profitable growth, and leveraging the new funding alongside existing equity and debt facilities, as outlined in the 2024 annual report.
