Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Chargemaster Seeks $8.9 Million for Car-Charge Gear in U.K. IPO

Don't Miss Out —
Follow us on:

July 8 (Bloomberg) -- Chargemaster Plc, a U.K. producer of charging systems for electric vehicles, is seeking to raise 6 million pounds ($8.9 million) to meet growing demand through an initial public offering on London’s Alternative Investment Market.

Chargemaster expects to start trading this month, David Martell, chief executive officer of the Luton, U.K.-based company, said in a statement today.

Chargemaster plans to use the funds to exploit the growing market for electric vehicles as governments in the U.K. and elsewhere in Europe set policies to spur wider use. It has provided gear for more than 6,000 charging points since 2008.

“The demand is being driven by automotive manufacturers producing a growing range of new plug-in cars required to meet regulatory emission targets, the U.K. government’s recent commitment to provide 37 million pounds of funding for charging infrastructure, as well as other governments’ commitment to encouraging the uptake of environmentally cleaner vehicles,” Martell said in the statement.

The European Commission in January said it’s aiming to install 795,000 charging points across the region by 2020 and the U.K. has set a goal of 122,000 over the same period, Chargemaster said in the statement. The U.K. has committed 400 million pounds to support low-emission vehicles.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.