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Electric vehicle charging company targets timely £1m fund raise


Electric vehicle chargers

 

As the Government decides to ban petrol and diesel cars by 2040, interest in electric vehicles and support services is bound to rocket.

So its timely to see that Engenie, which was launched in 2013 to provide high-power rapid-charging facilities for electric cars and buses, is targeting a fund raise of £1m on online investment platform SyndicateRoom.

Engenie markets its service directly to consumers and also to commercial fleet and taxi operators.

Over the last five years, the EV market has surged. The number of registered EVs has increased to more than two million globally and forecasts estimating that by 2030 this number could increase to 140 million.

By strategically expanding its network at on-street and prime carpark locations, Engenie plans to become the UK’s leading rapid-charge network operator.

The company’s rapid charge points will be located in cities, towns and interconnecting routes, giving EV drivers the possibility to charge their EVs with 80 miles range in 30 minutes, compared against eight hours on standard domestic charge points.

What’s more, its ultra-rapid bus charging technology will be employed at bus stops and depots, providing an impressive 20km range in as little as a three-minute charge, paving the way for cleaner public transport and improved passenger experiences.

Engenie founder Jeremy Littman said:  “After incremental fundraising with the benefit of SEIS and EIS investor tax reliefs, we’ve reached the point as a business where it’s time to secure the bigger money – the growth capital. 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. This will allow us to expand our proposition in the UK by installing new rapid chargers, growing the team and supporting the opening of new office space for our headquarters in London.”

Engenie CEO Patrick Sherriff added: “As car manufacturers around the world commit to targets for ending the sale of petrol and diesel cars, this is an incredibly exciting time for Engenie,” commented Patrick Sherriff, CEO, Engenie. “We’re looking for ambitious and sophisticated investors to join us in our journey and, with its extensive network, SyndicateRoom is the ideal partner to connect us.”

CEO and co-founder of SyndicateRoom Gonçalo de Vasconcelos said: “We’ve recently seen the UK government put a serious focus on the EV 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,” commented,. “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. We welcome the Engenie team to the SyndicateRoom platform, as yet another young British business doing great things in a bid to make the world a better place.”