Electric car charging firm Chargemaster picks Abchurch for AIM float

Electric vehicle charging firm Chargemaster is to list on the London Stock Exchange and has mandated Abchurch to lead comms through the process.

Chargemaster: Floating on London's AIM
Chargemaster: Floating on London's AIM

Commenting on the decision to float on AIM, Chargemaster CEO David Martell said: ‘Admission to AIM will provide Chargemaster with the necessary access to funding for its next phase of development, in order to seize opportunities in this growing market, and in particular to capitalise on the near-term infrastructure roll-out driven by government incentives and regulation.’

He pointed to the UK Government's recent commitment to provide £37m of funding for charging infrastructure, as well as other governments' commitment to encourage the uptake of environmentally cleaner vehicles.

In January 2013 the European Commission announced targets of 795,000 charging points installed by 2020, at an estimated total cost of €8bn across the EU, while the UK's target is to have a total of 122,000 charging points installed by 2020.

Abchurch MD Henry Harrison-Topham and director Joanne Shears will lead the agency’s involvement.

The agency has previously led a corporate comms programme for the firm to raise the profile of the electric vehicle industry in the UK.

The Luton-based company is looking to raise around £6m by the end of July to support its expansion plans.

Last year Chargemaster supplied more than 2,800 charging points, generating revenues of £3.6m and a gross profit of £1.24m.

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