British EV home charging company, EVIOS, has secured £5.8 million of additional funding.
Launched at an event in the Shard in April, EVIOS is the brainchild of David Martell, founder and former CEO of Chargemaster, which was sold to BP for £132 million in 2018. Of the 66 new investors 30 previously had a stake in Chargemaster.
The firm will use the majority of the funds for growth. £2.2 million will go into research and product development; £1.2 million will facilitate the launch of a workplace charging unit; and £1.6 million will act as working capital and support the company’s expansion into Europe next year.
READ: UBITRICITY CHARGING NETWORK ACQUIRED BY SHELL
“The incredible support from our new investors will now help us meet the charging needs of the 70% of EV buyers with access to off-street parking, and the users or landlords of multioccupancy buildings. By addressing these previously unmet market needs, we will ensure EVIOS becomes the UK’s largest EV home charge provider by 2025,” commented company founder David Martell.
The product stands out from other wall box units by having the facility to automatically switch on at off-peak rimes. Users can also set a PIN code, which is helpful for shared charging facilities.
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