Electric vehicle charge point installer Elm EV has this week announced the launch of its first crowdfunding campaign in a bid to raise cash for a new product range and international expansion.
The Sunderland-based firm is aiming to raise over £200,000 to develop a new range of models for its charge points and hire staff to promote the charge points to both the public and private sector in UK and international markets.
“The growth of the ultra-low emission vehicle industry is phenomenal and we are in a great position,” said Anthony Piggott, Elm’s technical director. “This is a one-off opportunity for members of the public, enthusiasts and investors to help build the EV charging infrastructure and to be a part of the fast-paced industry, reaping the rewards.”
The campaign will allow members of the public and investors to own shares in the independent company. Elm was founded in 2013 and turned over £400,000 in its first year of trading. The campaign values Elm EV at £2.25m.
Elm EV is one of only a few companies certified to install rapid chargers in the UK. It works with companies such as electric car producer Nissan GB to supply charging equipment for their commercial customers, and is one of the main suppliers of charge points for the NHS' commercial electric fleet.
The launch of the campaign follows news earlier this week that the EV market in the UK enjoyed a surge in 2015, with demand for electric and plug-in hybrid vehicles almost doubling over the past 12 months.
Demand for pure electric vehicles rose 48 per cent to nearly 10,000 vehicles and demand for plug-in hybrids soared 133 per cent year-on-year to over 18,000 vehicles, according to data released on Thursday by the Society of Motor Manufacturers and Traders.
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