Electric vehicle charging company, Elmtronics has raised GBP1.5m (US$2m) funding from the UK’s North East Venture Fund (NEVF), which is supported by the European Regional Development Fund and managed by Mercia and the Ingenious Infrastructure Ventures EIS Service.
The investment, which follows the announcement the British government is to ban the sale of new petrol and diesel cars from 2030, will allow Elmtronics to step up its work in underserved UK regions.
Based in Consett and with offices in Bristol, Manchester and London, Elmtronics supplies and installs public charging stations, as well as those for homes and businesses. Its clients include Nike, the NHS, National Grid, FedEx, Taylor Wimpey and a number of city councils.
It has developed its own software – Hubsta – which is installed on charging points and measures customers’ electricity use, allowing them to pay for and manage their account. The funding will enable it to further enhance the software and support the creation of 19 new jobs around the country in the next three months, almost doubling the size of its workforce.
“The latest government announcement is another big step forward on the ‘road to net zero,'” said Elmtronics CEO, Dan Martin.
“However despite the growing popularity of EVs with consumers and fleet users, a lack of charging points continues to deter many from making the switch. This funding will allow us to step up our activity to help build the all-important infrastructure. We hope to make Elmtronics a key player in the roll-out.”
According to figures published by the Department of Transport, in October there were 19,487 public EV charging devices available in the UK, of which 3,530 were rapid devices. According to Elmtronics, previous research has suggested Britain will need almost 29,000 charging points by 2030, of which around 85% would need to be rapid chargers, though the data was produced before the government announced the 2030 ban on new petrol and diesel cars.
NEVF can invest up to GBP1m in a single investment and up to GBP2.7m in total in any one business in Northumberland, Durham and Tyne & Wear.
Funding is available to all companies with high growth potential and also pre-start enterprises, particularly those which are engaged in innovation or developing innovative business models.