UK electric vehicle supply equipment (EVSE) company Chargemaster announced at the weekend that it plans to seek admission of its shares to trading on the AIM market of the London Stock Exchange, with dealings expected to begin on AIM this month.
The Luton based company was formed in 2008 and designs, manufactures and markets charging points for domestic, commercial and public use, as well as providing software, installation and maintenance services. It also has a growing number of K public charging points in a network operated under the ‘POLAR’ brand. Since its inception, it has supplied over 6,000 charging points to energy providers, car manufacturers, government agencies, local government bodies and retail organisations.
Chargemaster said that as the usage of electric vehicles (EV) increases, along with a number of significant regulatory changes, it expects a drive in demand for charging equipment to meet the needs of users, in the shift towards more environmentally friendly cars.
Car manufacturers in the UK have reportedly been producing more plug-in vehicles to help meet more stringent emissions targets. A target of 122,000 charging points is expected to be reached by 2020. Subsidies of up to 75% are also being granted for the cost of new domestic charging points, as well as for the support of a rollout of a UK network of rapid charge stations, workplace charging units and a network of charging stations sited at railways stations.
David Martell, chief executive officer of Chargemaster said: “Chargemaster’s planned admission to AIM marks a significant step forward in the Company’s development. 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.”