Hitachi and Gridserve partner on multi-million-pound renewable deal

Ilaria Grasso Macola 30 April 2020 (Last Updated April 30th, 2020 15:53)

Hitachi Capital UK and UK renewable energy company Gridserve Sustainable Energy have signed a partnership agreement to develop solar farms and solar-powered electric vehicle (EV) charging stations.

Hitachi and Gridserve partner on multi-million-pound renewable deal
The deal’s exact financial terms were not disclosed. Credit: Gridserve Renewable Energy.

Hitachi Capital UK and UK renewable energy company Gridserve Sustainable Energy have signed a partnership agreement to develop solar farms and solar-powered electric vehicle (EV) charging stations.

Hitachi will make a multi-million-pound investment in Gridserve Sustainable Energy to help the renewable energy company deliver its hybrid solar farms and more than 100 Electric Forecourt charging stations within the next five years.

The deal’s exact financial terms were not disclosed.

Understanding the project

With its multi-million-pound investment, Hitachi aims to facilitate Gridserve’s projects including the development of solar farms in Gloucestershire and Lincolnshire as well as a soon-to-open Electric Court charging station in Essex.

With an energy capacity of 350kW, the Essex facility will have enough space for 24 vehicles to charge in less than an hour.

As part of the deal, Gridserve will generate zero-carbon solar energy to sustain the forecourt network and develop large battery storage systems to back up solar energy generation.

The two companies, alongside Hitachi Europe, have agreed to work on several renewable energy projects including the electrification of the UK bus network and the supply of electric vehicles.

Executives respond to the deal

Hitachi Capital UK CEO Robert Gordon 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.

“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.”

Gridserve Sustainable Energy CEO Toddington Harper 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.”

Company overview and share price

With a £5.6bn of net earnings assets, Hitachi Capital UK is a major financial services company working in the retail and financial sectors. The company is a wholly-owned subsidiary of Japanese financial institution Hitachi Capital Corporation.

In the last week, the company’s share price has gone up, from JPY1,915 ($18) on 22 April to JPY2,103 ($19.7).

Gridserve Sustainable Energy is a solar energy and battery storage company. Founded more than 40 years ago, the company serves the critical power infrastructure market and has developed more than 1GW of solar energy and energy storage in the UK.