Gridserve has bought the remaining stake in Ecotricity’s Electric Highway less than three months after purchasing a minority stake in the business.
The electric vehicle (EV) network was established in 2011 by the green energy supplier and it was revealed in March this year that Gridserve was to invest in the company and upgrade its charging infrastructure.
Utility Week asked Ecotricity founder Dale Vince why the full sale followed on so quickly.
He said: “They were just very keen to get on with it. They have got a lot of commitment and vision, it made them the perfect partner for us. They’ve got the appetite for it which is great.
“We’re not disappearing from the scene, we’re going to work with them for at least the next six months in the transition, replacing the old hardware of our network with the new, high-powered upgrades.
“It’s great for us because there’s some real energy and cash being invested in Highway right now. For me, more than anything else, the chance to pass the baton on to somebody else and see the Highway go on and continue to play a leading role in electrification.”
Vince added that it had always been the intention to sell the remaining stake to Gridserve.
Ecotricity said the deal will enable it to pursue other interests such as a green gas mill which creates natural gas from grass, as well as expanding its sky mining project which creates diamonds out of carbon from the atmosphere.
Meanwhile Toddington Harper, chief executive of Gridserve, said: “It’s a real honour for Gridserve to have been chosen by Ecotricity as the organisation to take the Electric Highway forward in its next phase.
“Our purpose is to deliver sustainable energy and move the needle on climate change, and the upgraded network will provide the confidence for millions more to make the successful transition to electric vehicles in the earliest possible timeframes.”