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

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.

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