Mitie Acquires Rock Power Connections To Turbocharge Its EV Infrastructure Offering
On November 1, Mitie, a UK facilities management services firm, announced that it had acquired Rock Power Connections, a designer and installer of high voltage electricity supplies as well as electric vehicle (EV) charge points. Having already deployed thousands of charge points, this acquisition bolsters Mitie’s existing EV capabilities, especially in high voltage installations for non-residential corporates. Rock Power’s deep domain expertise in the infrastructure behind EV points includes selecting the optimal cabling and power management systems that enable a deployment to have long-term viability. Mitie will now be able to add this depth to its existing service offering.
This is a timely acquisition that comes as new government policies make the business environment more favourable for EV deployments. For example, the UK government recently banned the sale of conventional petrol and diesel cars as well as vans from 2030. And in September 2021, the UK government proposed legislation that would require all new office buildings to offer EV charging for every five parking spaces. There is also growing scrutiny on the details behind businesses’ 2050 net zero plans. Government policy in developed economies like the UK will increasingly dictate that businesses must list out their GHG emissions in their annual report publication, for instance. This has a direct impact on the financial risk associated with having company fleets that run mostly on non-electric vehicles. Mitie itself has pledged to replace its entire fleet with electric models by 2025, as it found that its vehicles accounted for 93% of total company emissions.
Aside from the regulatory environment, this acquisition is also timely as firms are embarking on more sophisticated energy management strategies based on making buildings grid interactive and electrified. On-site EV infrastructure can support on-site revenue generation and employee experience benefits. In the longer term, EV fleets and on-site charging infrastructure will open the door to ‘vehicle to grid’ strategies, where EVs interact with the grid and supply stored power in periods of high demand. The deal is a strategic move that positions Mitie to support the next generation of energy management programmes, with corporates extending programmes beyond energy efficiency.
To find out more about this market trend, sign up to our upcoming webinar taking place on November 24, Best Practices: Planning For Grid-Interactive, Net Zero Buildings