Gridserve posts $112mn loss as EV market struggles
Gridserve also announced it has secured £100 million ($135mn) in additional equity funding to expand network.
Charging network operator Gridserve has reported a significant financial loss for the second consecutive year, revealing a pre-tax loss of £82.7 million ($112mn) in 2024. The results mark a deepening of the company’s losses compared to the £54.8 million it posted in 2023.
Despite the financial downturn, Gridserve saw revenues rise substantially year-on-year, from £29.1 million in 2023 to £46.2 million in 2024, signaling potential growth in utilization across its network.
Strategic restructuring and staff reductions
The company also reported a reduction in its workforce, with headcount dropping from 320 to 239 employees over the 12-month period. In a statement, the board described 2024 as a “breakthrough year” marked by strategic shifts, including the streamlining of operations and a more focused approach to high-performing assets.
Gridserve attributed the job cuts and structural changes to a wider reorganization aimed at increasing efficiency. The company confirmed it is exiting certain “non-strategically aligned” assets such as standalone solar developments, low-return charging sites, and acquired technology assets that no longer fit with its long-term roadmap.
£100 million injection from existing investors
In a vote of confidence from its backers, Gridserve also announced it has secured £100 ($135mn) million in additional equity funding. The new capital comes from existing investors, including private equity firms TPG, Infracapital, and Mitsubishi.
The funding will be used to accelerate the company’s efforts to expand its charging infrastructure across the UK. While Gridserve has not indicated plans for international growth, its domestic strategy includes enhancing utilization of its existing network and developing premium, high-yield locations.
The firm currently operates around 200 charging hubs across the UK, including ‘Electric Forecourts’, ‘Electric Super Hubs’, and ‘Electric Hubs’, offering a combined total of approximately 1,500 charging bays.
