Beringea plugs into Chargemaster

The growth capital firm invested via its ProVen VCTs. The fresh capital will be used for Chargemaster's further expansion in both the UK and European EV charging markets.

Beringea stated it invested in the company because of its strong management team and because of its position in the EV charging equipment and infrastructure market.

According to Chargemaster, electric vehicles will account for 7% of all light duty vehicle sales by 2020, while the global EV infrastructure market is expected to exceed £500m by 2021.

This is the second London-based deal in as many weeks for Beringea, which committed £2m to online auction platform Perfect Channel last week. The ProVen VCTs (ProVen VCT, ProVen Growth & Income VCT and ProVen Planned Exit VCT) were also used to finance that deal.

Company
Founded in 2008, Chargemaster provides a range of EV charging solutions. It has more than 10,000 public and commercial charging points installed across the UK and 4,000 in Europe. The charging units can be wall-mounted, placed on street-side posts or built according to customer requirements and can be installed in both domestic and public locations.

Chargemaster's public charging stations contain built-in communications equipment linked to Polar, a nationwide charging network. Customers who have purchased domestic charging points are automatically enrolled in the Polar network, providing them with access to charging points across the country.

The company works in partnership with a number of energy providers, vehicle manufacturers, government agencies, management consultancies and corporates.

People
Malcolm Moss is a founding partner at Beringea. David Martell is CEO of Chargemaster.

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• Beringea Limited