Elmtronics has received £1.5m in new funding that will enable it to step up the roll-out of its charging points across the UK.
The investment package includes £750,000 from Ingenious Capital Management, as well as money from the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund.
Elmtronics has developed its own software – Hubsta – which is installed on the charging points and measures customers’ electricity use, allowing them to manage their account and pay for charging services.
The funding will enable it to enhance the software and create 19 new jobs around the country in the next three months, almost doubling the size of its workforce.
Consett-based Elmtronics, which has offices in Bristol, Manchester and London, supplies and installs public charging stations as well as those for homes and businesses.
It was established in 2016 by former electricians Dan Martin and Anthony Piggott and clients include Nike, the NHS, National Grid, FedEx, Taylor Wimpey and several city councils.
Neil Forster, chief executive officer at Ingenious, said, “We have been following the progress of Elmtronics for some time and are delighted to back a company that aligns strongly with our investment strategy as it is well placed in an under-served market, made all the more relevant by last week’s news of Government action to promote the use of electric vehicles.”
The announcement comes a week after the Government announced it will stop sales of new petrol and diesel cars and vans by 2030.
Dan Martin, chief executive officer, Elmtronics, added, “The latest government announcement is another big step forward on the ‘road to net zero’. 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.”