Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts, has invested £3 million in Chargemaster, one of the UK’s leading providers of electric vehicle (EV) charging infrastructure. The investment will be used to strengthen Chargemaster’s position in the UK market and fund further expansion into the European EV charging market.
The investment comes as clear signs of electric vehicle adoption are becoming evermore present, with sales of electric vehicles up more than 200% over this time last year.
Chargemaster already have a network of over 10,000 charge points installed across the UK, with a further 4,000 in Europe. Chargemaster’s public charging stations have built-in communications equipment creating a nationwide charging network called POLAR. Customers who have purchased domestic charge points are automatically enrolled in the POLAR network, offering them access to charge points across the country.
Malcolm Moss, founding partner at Beringea, commented:
“The Chargemaster team has more experience in designing, building and installing high technology streetside electronics than any other European organisation. We are excited to partner with a strong management team that is positioned to create the worldwide benchmark for EV charging equipment and infrastructure.”
David Martell, CEO of Chargemaster, commented:
“Chargemaster has demonstrated very significant growth over the last two years and is well positioned to capitalise on the mainstream adoption of electric cars. We are delighted to have received this investment from Beringea which provides a strong endorsement of our number one market position and additional capital to enable us to maintain our strong momentum.”
Electric vehicles are expected to account for 7% of all light duty vehicle sales by 2020, resulting in a surge for demand of charging infrastructure. Chargemaster is well positioned to capitalise on the anticipated growth of the global EV infrastructure market, which is expected to exceed £500 million by 2021.