HITACHI CAPITAL & GRIDSERVE JOIN FORCES

Press release

HITACHI CAPITAL UK AND GRIDSERVE JOIN FORCES TO ACCELERATE SUSTAINABLE ENERGY AND ELECTRIC VEHICLE CHARGING REVOLUTION

30.04.2020 – Hitachi Capital (UK) PLC and GRIDSERVE Sustainable Energy Ltd today announce a partnership which aims to revolutionise the UK’s approach to solar energy and create the infrastructure to accelerate the adoption of electric vehicles.

In a move which is set to transform the UK’s renewable energy and electric vehicle charging market, Hitachi Capital UK will bring its financial strength and motor industry expertise to work in partnership with GRIDSERVE, a technology and market leader in the renewable energy sector.

The partnership will see GRIDSERVE develop the UK’s most technically advanced hybrid solar farms, in conjunction with a new network of solar powered Electric Forecourts® to provide ultra-fast, dependable charging for all types of electric vehicles. The UK-wide network of over one hundred Electric Forecourts® will be delivered over the next five years supported by multi-million-pound funding provided by Hitachi Capital UK.

Hitachi Capital UK’s loan facility to GRIDSERVE will facilitate projects including hybrid solar farms in Gloucestershire and Lincolnshire, and the soon-to-open state of the art Electric Forecourt® close to Braintree, Essex, with space for 24 vehicles to charge simultaneously in 20-30 minutes at a rate of up to 350 kW from its superchargers. Many more sites are already under development.

GRIDSERVE will generate zero carbon solar energy to supply the Electric Forecourt® network, in combination with large battery storage systems to deal with the intermittent nature of solar power and meet the growing demand for sustainable energy.

In addition to the loan facility, Hitachi Capital and GRIDSERVE, in conjunction with Hitachi Europe SIB, are working together on various green energy focused projects including electrification of the UK bus network and the supply of electric vehicles with charging included at GRIDSERVE Electric Forecourts®.

Robert Gordon, CEO of Hitachi Capital (UK) PLC, said: “We’re delighted to form a pioneering partnership with an innovative and market leading sustainable energy business, which will revolutionise the UK’s motoring landscape and accelerate the transition to vehicle electrification.

“The response to the current pandemic has highlighted the impact of carbon emissions on the environment. We now have a real opportunity, through flagship programmes like this, to create the infrastructure needed to fast-track electric vehicle adoption across the UK and meet the Government’s ambition to be carbon neutral by 2050. Creating a greener, cleaner society.”

“Hitachi Capital’s established relationship with car manufacturers and brokers complements GRIDSERVE’s expertise in solar energy and battery storage and plans to build state-of-the-art Electric Forecourts® powered using 100% renewable energy generated from solar farms.

“Our partnership, at the forefront of the electric vehicle revolution, marks a real step change in addressing range anxiety caused by the lack of available charging stations currently available throughout the country.”

Toddington Harper, CEO of GRIDSERVE Sustainable Energy Ltd, said: “Our strategic partnership with Hitachi Capital marks a major milestone in GRIDSERVE’s journey. As well as providing significant financial backing to accelerate our ability to deliver sustainable energy and meet net zero carbon emission targets in the earliest possible timeframes, Hitachi Capital has an unrivalled wealth of experience, knowledge, resources, and expertise to support our collective success. We look forward to launching our first Electric Forecourt® together in a few months, and delivering many additional projects over the next few years.”

ENDS

About Hitachi Capital (UK) PLC

Hitachi Capital (UK) PLC is a leading financial services company with over 35 years’ experience in providing innovative finance solutions to enable consumers, SMEs, fleet owners, motor dealers and retailers to grow and prosper. Hitachi Capital (UK) PLC has over 1,300 employees, £5.6bn of net earning assets and over 1.4m customers across its five business units; Consumer Finance, Vehicle Solutions, Business Finance, Invoice Finance and European Vendor Solutions.

Hitachi Capital (UK) PLC is a wholly owned subsidiary of Hitachi Capital Corporation, one of Japan’s largest non-bank financial institutions. Hitachi Capital Corporation is an affiliate of both Hitachi Ltd, a world leader for manufacturing and technology, and Mitsubishi UFJ Financial Group Inc. Manufacturing continues to be a key part of Hitachi Capital (UK) PLC’s DNA, delivering complex products to high levels of customer satisfaction. Its corporate clients include some of the UK’s leading companies such as British Gas, Royal Bank of Scotland, B&Q and John Lewis.

About GRIDSERVE Sustainable Energy Ltd

GRIDSERVE’s purpose is to #deliver sustainable energy. We develop, build, own and operate solar energy and battery storage solutions for critical power infrastructure. GRIDSERVE’s team have been responsible for the development, construction and operation of more than a gigawatt of solar energy and energy storage solutions, including connecting over 100 utility-scale sustainable energy projects to the UK grid. GRIDSERVE is interested in exploring new electric vehicle charging and sustainable energy opportunities, including new hybrid solar farms and Electric Forecourts® www.gridserve.com

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