Home » Green fleet hire startup InfraFleet secures £10m

Green fleet hire startup InfraFleet secures £10m

by Sion Geschwindt
InfraFleet aims to provide emission-free equipment for use in construction, as part of the broader push toward a net-zero economy.

InfraFleet, a startup providing eco-friendly equipment for infrastructure projects, has secured a £10m investment from Octopus Group.

Founded in 2022, InfraFleet aims to provide emission-free equipment for use in construction, as part of the broader push toward a net-zero economy.

Its equipment is powered electrically as well as through hydrogen, reducing both the emissions and expense of diesel fuel-powered infrastructure equipment.

Octopus said this support will include providing InfraFleet access to infrastructure-oriented companies within its investment portfolio.

Chris Medley, Founder, InfraFleet, said: “The vast majority of construction equipment runs on diesel. The technology for the electrification of these assets is beginning to come through and customers want it. But the incumbents who are best placed to provide green assets aren’t yet incentivised to do so.

“Through my role as a private equity infrastructure investor, I was involved in rental businesses, and I saw that customer demand was growing for green leasing equipment.

“We’re a new entrant and we have no diesel assets. InfraFleet is in a position to buy green assets and provide them at an affordable price.

“We can help end users adopt green technology sooner. With support from Octopus, which has founded and invested in phenomenally successful businesses for more than 20 years, InfraFleet has a huge opportunity to cement itself as integral to the future of the infrastructure industry.”

Lukasz Michalak, investment director, Sustainable Infrastructure at Octopus, added: “Chris came to us with an interesting business idea, supporting many sectors we are active in.

“We immediately saw the potential and how the entrepreneurial ecosystem here at Octopus could support the growth of the business and realise mutual synergies in the process.

“It was too early stage for our infrastructure investors, so we decided to initially back InfraFleet using our own funds and incubate the company. When it’s mature enough we hope to bring the opportunity to investors who have a lower risk appetite.”

Read next: Collé secures €50m to electrify construction rental fleet 

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