Developed by Pivot Power with funding from Downing LLP, they say the network will be a world-first and the project will work closely with National Grid.
Development for up to 45 sites is being planned near towns and major roads, resulting in a nationwide network of rapid EV charging stations that will also be the largest in the world. Each station will support up to 100 rapid chargers and offer mass charging at ‘competitive rates.’
Pivot Power aims to have operational batteries at 10 sites from 18 months’ time, subject to planning approval.
Julia Groves, Head of Downing Crowd and Partner at Downing LLP, commented:
‘The prospects of a future ban on petrol and diesel vehicles, coupled with a threat of a potential energy crisis, means Pivot Power is extremely well positioned to help take the UK economy forward. Through our partnership with the Pivot Power team, we have developed an exciting and robust business plan that will help drive down the cost of power and democratise the ownership of these battery storage assets.’
Matt Allen, Chief Executive Officer of Pivot Power, added:
‘Our batteries will provide the infrastructure to underpin clean air policies while introducing valuable flexibility into the energy system.
‘It will also address the three biggest barriers to EV adoption identified by the Department for Transport: availability of chargers, ‘range anxiety’ (the distance it’s possible to travel between charges), and also cost, as our stations will be able to buy power at a lower price.”
Graeme Cooper, National Grid’s project director for electric vehicles (known as EVs) said: ‘We expect the use of electric vehicles to grow rapidly. This innovative solution will help accelerate adoption by providing a network of rapid charging stations across the country enabling cars to charge quickly, efficiently and as cost-effective as possible.’
The investment offer will be available on the Downing Crowd platform and is expected to be open to members of the public in the autumn of 2018..