Electric car firm taps investors in London float

 
Michael Bow
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ELECTRIC car charge maker Chargemaster will kick off a £6m fund raising round today as it seeks to list on London’s junior stock market.

The Luton-based manufacturer, which counts Lord Beaverbrook as a founder shareholder and non-executive director, will use the money as growth capital to help develop the business, founded in 2008.

It comes after the company, which makes charging points installed across Square Mile, posted gross profits of £1.24m last year on revenues of £3.6m after supplying 2,800 charging points to markets in the UK and Europe last year, it said.

Chief executive David Martell, who previously founded GPS software firm Trafficmaster before floating it in 1994, said the placing would mark a “significant step forward” for the business.

“Admission to the (Alternative Investment Market) will provide Chargemaster with the necessary access to funding...to capitalise on the near term infrastructure roll-out driven by government incentives and regulation,” he said in a statement.

The move comes at a time of increasing financial support from the government for the electric car industry.

In February, Transport secretary Patrick McLoughlin unveiled £37m of subsidies for charging infrastructure after European policymakers tasked Britain with installing at least 122,000 charging points across the country by 2020.

Chargemaster supplies charging equipment for energy providers like SSE, EDF and British Gas and numerous car makers. In May it won the contract to supply charging points for the UK launch of the Renault Zoe.

The company said that it hoped government incentives and emission targets would drive the growth of electric vehicle charging points, with demand set to reach $1bn a year by 2021.

ADVISERS CHARGEMASTER IPO

ADRIAN HADDEN
WH IRELAND

Chargemaster has appointed WH Ireland as nominated adviser and sole broker for the forthcoming float of the company. Heading the team sheet at the broker is the managing director of corporate finance Adrian Hadden.

Hadden, who has about 20 years of experience advising small and mid cap companies, has been at WH Ireland for nearly two years after joining in the autumn of 2011 from rival Collins Stewart.

He is a chartered accountant by training and has previous worked at BZW and Baird. He covers IPOs, secondary fundraisings, public offers and M&A transactions. Hadden also advises a number of other Aim listed companies including Caledonia Mining Corporation, Minoan Group and Altona Energy.

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