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Sweden greentech raises £11M in pre-IPO funding, to eliminate EV charging woes in the UK

charge-amp

The Sweden-based green-tech and EV charging solutions manufacturer Charge Amps has announced its latest funding round. The startup has secured £11 million in its latest financing round, which was led by Swedbank Robur via its equity funds, Microcap and Ny Teknik. 

In this pre-IPO investment round for Charge Amps, Swedbank Robur also purchased shares worth £1.7 million from current shareholders. This brings the tally of total investment in the company to £12.7 million. 

Expansion on the cards

The freshly acquired funds will enable Charge Amps to expand and establish its presence in the key European markets this year. The Nordics, the UK, as well as the DACH and Benelux regions are next up on the company’s map. The funding will also be directed towards its R&D to enhance the company’s product offering. Charge Amps’ upcoming IPO, which is planned for next year, will also be helped by the latest raise. 

In a conversation with UKTN, Anders Bergtoft, CEO of Charge Amps comments on the company’s plans for expansion in the UK market in 2021. He says, “Our products are already available to UK customers, but via market-specific efforts we will now increase our presence in the UK with more local distributors and retail partnerships.” 

Charging towards the future

With a ban on sales of new petrol and diesel cars by 2030, there’s a key concern about ensuring ample charging infrastructure availability for electric cars. “Much emphasis is being put on public charging points to solve this problem, but we are convinced that bringing charging points to EV owners’ homes and workplaces will be equally, if not more, important,” notes Bergtoft.

Charge Amps _ Maria Cruseman

He continues, “By making charging convenient and cost-efficient for UK car owners we know that we can help accelerate the shift away from fossil fuels, just like we have done in Scandinavia, which now has one of the highest rates of EV car ownership in the world.”

Founded in 2012, Charge Amps develops smart AC charging stations, cables, and dedicated cloud software for use at home, in connection to commercial properties and offices, and in public environments. The company positions itself as a challenger that more demanding charging suppliers and electric vehicle owners need. As per its growth numbers, it more than doubled its revenue growth year-on-year since 2018. Last year, it witnessed an increase of 142%, with revenue projection for 2021 being £21.08 million.

Since the launch of its first charging station Charge Amps Halo, in 2015, Charge Amps has sold over 40,000 charge points to B2C and B2B customers in 15 countries.