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Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts, has invested GBP3 million in Chargemaster, a provider 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.
Since its founding in 2008, Chargemaster has quickly grown to become the largest supplier of EV equipment and infrastructure in the UK with more than 10,000 public and commercial charging points installed across the country. The company is also a key player in the European EV market, with over 4,000 charging points installed.
Malcolm Moss, founding partner at Beringea, says: “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, says: “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 seven per cent of all light duty vehicle sales by 2020, resulting in a surge in demand for charging infrastructure to support EV drivers.
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