Electric car charge firm to float on stock exchange
Wednesday, 31 July 2013
Electric car charge firm, Chargemaster, is set to float on the stock exchange, in what is a positive development for the electric car industry. The Luton-based firm will float on the Alternative Investment Market this month, providing further opportunities for growth.
Chargemaster currently designs, manufactures and markets electric charging points for cars like the Nissan LEAF, together with integrated software, installation and maintenance services. Since its inception in 2008, demand has for electric vehicle power has grown rapidly, with Chargemaster providing 6,000 charge points nationwide.
Growth in the production of electric cars, together with incentives like the Government’s Plug-in Car Grant, has seen sales rise in recent years. In January, the European commission announced a target of 795,000 charging points to be installed by 2021, with the UK hoping to achieve 122,000 over the same period; forecasted global revenue is expected to reach £672m by 2021:
“This demand is being driven by automotive manufacturers producing a growing range of new plug-in cars required to meet regulatory emission targets, the UK government’s recent commitment to provide £37m of funding for charging infrastructure, as well as other governments’ commitment to encouraging the uptake of environmentally cleaner vehicles,” said Chargemaster’s chief executive, David Martell.
Martell feels that Chargemaster’s floatation is a significant step forward for firm, providing the funding needed to roll-out their systems nationwide:
“Admission to AIM will provide Chargemaster with the necessary access to funding for its next phase of development in order to seize opportunities in this growing market and in particular to capitalise on the near term infrastructure roll-out driven by government incentives and regulation,” he added.
The government is currently subsidising up to 75 per cent of the cost of new charge points and providing support with investment in related technology. It hopes to have charge points installed at roadside charge stations, workplaces and railway stations. Higher availability of charge points is likely to stimulate further demand from consumers for hybrid and electric vehicles.
The government already provides a £5000 sweetener for consumers looking to buy ultra-low carbon vehicles, although their average price is still slightly too high for the mass market. However, recent investment in the Advanced Propulsion Centre, a hub for research and development in low carbon vehicle technology, will allow firms to build their productive capacity and create economies of scale, which will lead to long term cost savings and more competitive prices.
If you are hoping to raise finance to buy a new electric car, why not trade-in your older vehicle now.
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