Swedish green-tech company and maker of EV charging solutions Charge Amps has today announced it has raised £11 million to target the UK with its range of home-based EV (electric vehicle) charging solutions.
The investment was led by Swedbank Robur via its equity funds, Microcap and Ny Teknik and will also be spent on R&D to enhance Charge Amps’ product offering and innovation, and to ensure operational excellence in preparation for an IPO, which is planned for next year.
Essentially Charge Amps is betting big on the continued growth in sales of EVs, not really much of a gamble as the UK has pledged the end of the sale of new petrol and diesel cars by 2030. Several other European countries have similar plans.
It also believes that individuals and work places will want their own charging stations and not have to rely on the public stations that are becoming more common in the UK.
Charge Amps also claims to be the greenest EV charging system available as its charging stations are not made from plastic like many of its rivals, but recycled aluminium.
In addition to the station, the company has developed software to optimise the charging experience for the customer. Its smart charging system schedules charging to when capacity is available and enables the lowest possible energy price. This can be controlled via the Charge Amps Cloud Platform and app, or by a user’s energy company, via a unique ‘Partner API’.
The company is well on its way too and has more than doubled its revenue growth year-on-year since 2018, with last year seeing an increase of 142%, and solid growth continuing this year. It has sold over 40,000 charge points to B2C and B2B customers in 15 countries and is concentrating on the Nordics, the UK and the DACH markets,
Henrik Carlman, Portfolio Manager at Swedbank Robur, comments: “We are proud to be part of this funding thus enabling a continued international expansion for Charge Amps, whose products help accelerate the needed green transition from fossil to electric cars. Our investment will contribute to giving Charge Amps good prerequisites to continue their strong growth journey, which will also have the potential to benefit our fund’s shareholders moving forward.”
Anders Bergtoft, CEO of Charge Amps comments: “Swedbank Robur is the ideal investor for us and we are so pleased to have them back our mission to bring Charge Amps’ solutions to EV owners across Europe and beyond. To achieve a fossil-free future, we believe that owning an electric car has to come with zero hassle and 100% pleasure. This is something that we are here to facilitate and with the support of Swedbank Robur, our existing shareholders, and key distribution partners, we know that we can deliver at scale.”
“Demand for our smart and uniquely designed products has been boosted by government incentives and net-zero emission goals, but most of all, it has been driven by an ever-growing group of customers determined to contribute to a greener future. This investment will help us ensure the operational excellence required to take Charge Amps public in 2022, and in turn, ensure that individuals can continue to shape the bright future of our company and EV charging innovations for years to come.”