Electric car charging firm plans stock market entry

An electric car charging firm is planning to enter the London stock market later this month. Chargemaster which provides charging points for homes and businesses and in public places across […]

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By Vicky Ellis

An electric car charging firm is planning to enter the London stock market later this month.

Chargemaster which provides charging points for homes and businesses and in public places across Europe and the UK announced yesterday it will apply to put its shares on the AIM market of the London Stock Exchange.

Last year the company supplied more than 2,800 charging points, making revenues of £3.6 million and £1.24 million in gross profit.

Europe has targets to get a total of 795,000 charging points installed by 2020, the European Commission announced in January 2013, with an estimated cost of €8 (£) billion across the EU. The UK itself has to build 122,000 charging points by 2020.

David Martell, Chief Executive Offer of Chargemaster said: “We are excited about the increase in demand for EV charging infrastructure here in the UK and across Europe.

“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’s government’s recent commitment to provide £37 million of funding for charging infrastructure, as well as other governments’ commitment to encouraging the uptake of environmentally cleaner vehicles.”

He said entering the stock market would give Chargemaster the “necessary access to funding” for its next phase of development.