Ultra-rapid EV charging network Instavolt said the hiving off of its Spanish and Portuguese operations supported its focus on the UK and would accelerate investment in this market.
The company has agreed to sell its Iberian business to charging provider Powerdot and followed interest from a number of strategic parties.
The sale also followed InstaVolt’s recent acquisition of national brand GeniePoint, with over 228 locations and more than 260 charging devices, helping to position it as the UK’s leading ultra-rapid charging network.
Delvin Lane, CEO of InstaVolt, said: “Following our recent refinancing and the significant opportunities emerging in our core markets, we carefully evaluated how best to deploy capital to maximise long-term growth and shareholder value.
“This agreement enables us to recycle capital into our core UK and Ireland markets, accelerating both organic growth and strategic acquisitions.
“Our confidence in the market is demonstrated by our recent acquisition of the GeniePoint network and our continued investment in next-generation charging technology, battery energy storage systems and renewable energy generation.
“These investments will help us further improve reliability, accelerate deployment and continue reducing charging costs for drivers through initiatives such as our market-leading off-peak charging tariffs.”
