Elmtronics to step up EV charging rollout under new investment
Electric vehicle charging point firm Elmtronics is to ramp up its work on network expansion under latest investment.
It’s been awarded £750,000 from Ingenious Capital Management via its Infrastructure Ventures EIS Service. The funding forms part of a £1.5m investment alongside the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund and managed by Mercia.
Elmtronics said the funding would allow it to accelerate its work targeting charging in underserved UK regions. Its charging points are underpinned by its Hubsta software, which provides smart charging networking for public, private and domestic customers. The funding will be used to further enhance the software but also support the creation of 19 new jobs around the country in the next three months.
The announcement comes a week after the Government announced it will stop sales of new petrol and diesel cars and vans by 2030.
Dan Martin, chief executive officer, Elmtronics, said: “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.”