Charging forward with EV infrastructure investment
Ingenious has invested £750,000 in electric vehicle (EV) charging company, Elmtronics, which provides charging points.
The funding, made through its Infrastructure Ventures EIS Service, forms part of a £1.5m investment alongside the North East Venture Fund (NEVF), and will be used to step up the roll-out of Elmtronics’ charging points across the UK.
The investment follows the announcement that the UK government is to ban the sale of new petrol and diesel cars from 2030 and will allow Elmtronics to step up its work in underserved UK regions.
The funding will also help create 19 new jobs around the country in the next three months, almost doubling the size of its workforce.
Neil Forster, chief executive officer at Ingenious, said: “We have been following the progress of Elmtronics for some time and are delighted to back a company that aligns strongly with our investment strategy as it is well placed in an under-served market, made all the more relevant by last week’s news of government action to promote the use of electric vehicles.”
Dan Martin, chief executive officer, Elmtronics, said: “The latest government announcement is another big step forward on the ‘road to net zero’. However, despite the growing popularity of EVs with consumers and fleet users, a lack of charging points continues to deter many from making the switch. This funding will allow us to step up our activity to help build the all-important infrastructure. We hope to make Elmtronics a key player in the roll-out.”
