Electric vehicle charging firm InstaVolt has been named as ‘one to watch’ by experts in the clean energy industry.
InstaVolt, which installs, operates and maintains rapid electric vehicle chargers across the United Kingdom, features in the 2017 Global Cleantech 100 Ones to Watch list, produced by Cleantech Group.
The coveted list highlights companies that are catching the eye of leading investors and corporates in the market. InstaVolt attracted the judges’ attention having secured £12m investment from cleantech private equity specialists Zouk Capital, together with signing a multi-million pound deal with US giant ChargePoint in the last 12 months.
“The Global Cleantech 100 programme is our annual in-depth research exercise to identify the innovation companies leading players in the market are most excited by right now,” said Cleantech Group’s CEO, Richard Youngman. “By the nature of the list, the Ones to Watch truly represent the next cadre of exciting disruptive companies.”
Tim Payne, CEO of InstaVolt, said: “Our strategy has been to not only build the UK’s most comprehensive rapid charge network but also to contribute to the general conversation about the transition to electrification, so we’re delighted to be considered as one to watch. We’re determined to challenge the status quo when it comes to electric vehicle charging so we wear the badge of ‘disruptive company’ with pride.”
While the electric vehicle charging market is relatively new, InstaVolt has been quick to make its mark on the industry. In May it signed a multi-million pound deal with Silicon Valley giant and global leader ChargePoint to bring hundreds of its brand-new rapid chargers to the UK. It’s currently installing chargers in locations including petrol forecourts, car parks and leisure facilities.
Unlike many other charging companies, its units are available for all electric vehicle drivers to use on a pay-as-you-go, subscription-free basis. Motorists simply tap their contactless credit or debit card, charge-up and go. Users are charged only for the electricity they use on a per-unit basis.
There is no connection fee, minimum charge or monthly subscription fee. It also installs the charging units for free and even pays landowners a regular rental income for housing them. In the case of local authorities, it means that councils can install electric vehicle charging points on their land for free, at no cost to the taxpayer.
This year, a record number of nominations for the annual Global Cleantech 100 list were received: 12,300 distinct companies from 61 countries. These companies were weighted and scored to create a short list of 312 companies, with these nominees reviewed by the 86 members of Cleantech Group’s Expert Panel. The Ones to Watch list, a sister list to the annual Global Cleantech 100 list, is created from the top 250 of the shortlist. To qualify for either list, companies must be independent, for-profit cleantech companies that are not listed on any major stock exchange.