The investment will be used to strengthen the company’s position in the UK as well as fund expansion into European markets.
Chargemaster currently has 10,000 public and commercial charging points installed across the UK and 4,000 points across Europe.
Adoption of electric cars
There are currently over 10,000 electric cars in the UK and as established manufacturers continue to move into the sector that number looks set to increase.
David Martell, CEO of Chargemaster, commented:
Chargemaster has demonstrated very significant growth over the last two years and is well positioned to capitalise on the mainstream adoption of electric cars.
It is predicted that electric vehicles will account for 7 per cent of all light duty vehicle sales by 2020.
Companies like Chargemaster do face competition in the sector with BMW and Daimler recently announcing work on wireless charging technology for electronic vehicles.
Chargemaster’s charging units can be wall mounted, placed on street-side posts or built bespoke to specific customer requirements.
The charging stations are installed in both domestic and public places, enabling EV owners to charge their vehicle at home or on the go.
Since 2008, the company have developed a number of strategic partnerships with energy providers (British Gas, SSE), vehicle manufacturers (Nissan, Ford, Mitsubishi,Renault, BMW), government agencies, property development companies and leading blue chip companies.