The electric car market appears to be slowly revving up, as vehicle-charging business Engenie has announced it is raising £1m to expand across the UK.
The four-year-old business is aiming to capitalise on recent moves from the likes of Volvo, which said all new models would be electric by 2019, and Emmanuel Macron's government in France which announced it would ban the sale of petrol and diesel cars by 2040.
Engenie plans to extend its network across on-street and prime car-park locations, while also providing charge-points for commercial fleet and taxi operators.
“With electric vehicles and clean air policies sitting firmly on the agenda of the industry, from manufacturers to governments, the time is ripe for Engenie to put its foot on the accelerator and secure funds for expansion,” said the company's founder Jeremy Littman.
Its rapid-charge points can provide power for an 80 mile range within 30 minutes, unlike domestic charge points which would take eight hours.
The business will also roll out its ultra-rapid bus-charging technology, which can power a 20km range in as little as three minutes.
Engenie is raising through SyndicateRoom, a platform which matches private investors with investment opportunities.
“We’ve recently seen the UK government put a serious focus on the electric vehicle market, with the announcement of an Automated and Electric Vehicles Bill included in the Queen’s Speech last month, to encourage the use of electric and self-driving cars,” said Gonçalo de Vasconcelos, chief executive and co-founder of SyndicateRoom.
“It’s clear that clean air has a place on the political agenda, so for the UK’s most ambitious investors, this is an exciting space to watch.”