Electric vehicle charging firm plugs into national expansion with £1.5m investment
An electric vehicle charging company with offices in the North and London is set to expand its national reach after securing a £1.5m investment.
Elmtronics, which is based in Consett with a base in London, has raised the funding from the 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.
Elmtronics was established in 2016 by former electricians Dan Martin and Anthony Piggott and also has offices in Bristol and Manchester.
The firm supplies and installs public charging stations as well as those for homes and businesses, with clients including Nike, the NHS, National Grid, FedEx, Taylor Wimpey and a number of city councils.
The funding will enable Electronics to continue the development of its software and support the creation of 19 new jobs around the country in the next three months, almost doubling the size of its workforce.
Dan Martin, Elmtronics CEO, explained: “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.”
Jan Oosthuizen of Mercia commented: “Elmtronics is laying the foundations for the green transport revolution. The company has been very successful in building its presence in the market and developing relationships with public bodies, fleet managers and strategic partners.
“Our investment will allow it to expand its team, take on new contracts and speed up the roll-out of charging points nationwide.”
Neil Forster, chief executive officer at Ingenious, added: “We have been following the progress of Elmtronics for some time.
“[We] 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. We are very much looking forward to working closely with Dan and his team.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.