Gridserve, a UK-based electric vehicle (EV) charge point operator, reported a pre-tax loss of £82.7 million in 2024, marking its second consecutive year of significant financial losses. The company also confirmed it had reduced its workforce by 81 employees during the same period.
Despite the losses, Gridserve recorded a notable increase in revenue, rising from £29.1 million in 2023 to £46.2 million in 2024, according to accounts filed with Companies House. The company described the year as a period of strategic refinement and restructuring.
In a statement, the board said 2024 was a year in which “we successfully refined our business strategy and optimised our organisational structure.” The company added that it had identified a number of non-core assets, including “some standalone solar developments, low returning charging sites and acquired technology assets,” which it determined were no longer aligned with its future direction.
Gridserve currently operates nearly 200 charging hubs across the UK, comprising around 1,500 charging bays in the form of Electric Hubs, Electric Super Hubs, and Electric Forecourts. The firm has not indicated any immediate plans for international expansion.
To support its long-term ambitions, Gridserve secured £100 million in fresh equity investment from existing shareholders including TPG, Infracapital, and Mitsubishi. The funds are intended to drive further development of its domestic EV charging infrastructure.
“Our streamlined operations continue to deliver exceptional charging experiences that exceed customer expectations, strengthen brand loyalty and enhance our market leadership,” the company stated.
Gridserve said the strategic actions taken in 2024 have positioned the business for accelerated growth from 2025 onwards, as it continues to invest in infrastructure to support the UK’s transition to electric mobility.
Source: cityam.com
