Chargemaster is attempting to take advantage of the government’s recent £37 million funding commitment for electric car charging infrastructure by pursuing growth on the capital markets.
Luton-based Chargemaster designs, builds and sells charging points for domestic, commercial and public use and has provided some 6,000 charging points to energy providers, car manufacturers and government agencies.
It will now begin efforts to list on the Alternative Investment Market (AIM), and raise institutional capital to help with growth.
David Martell, CEO of Chargemaster, comments, ‘Chargemaster’s planned admission to AIM marks a significant step forward in the company’s development.
‘We are excited about the increase in demand for EV charging infrastructure here in the UK and across Europe.’
Martell says that the demand is being fuelled by automotive manufacturers producing a growing range of new plug-in cars required to meet regulatory emission targets and the government’s recent commitment to provide £37 million of funding for charging infrastructure.
Figures from SBI Energy, and supported by Chargemaster, shows that annual European demand for EV charging infrastructure is forecast to reach $1 billion by 2021.
Chargemaster’s previous funding efforts saw it raise £1.5 million in equity investment from angel network Envestors back in December 2010.