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Electric car charge firm Chargemaster to float on London market

Luton-based company hopes to raise funds for expansion with flotation on Alternative Investment Market

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Angela Monaghan
guardian.co.uk, Monday 8 July 2013 03.31 EDT

Electric vehicle charging point
The UK has a target of 122,000 electric vehicle charging points to be installed by 2020. Photograph: Justin Sullivan/Getty Images

Chargemaster, a provider of electric vehicle charging points, is planning to float on the stock market to capitalise on the shift towards more environmentally friendly cars.

It is hoping to raise funds for expansion by listing on London’s Alternative Investment Market (Aim) in July.

The chief executive, David Martell, said the move would be “a significant step forward in the company’s development” and would help to meet the growing demand for electric car charging infrastructure in the UK and across Europe.

“This demand is being driven by automotive manufacturers producing a growing range of new plug-in cars required to meet regulatory emission targets, the UK’s government’s recent commitment to provide £37m of funding for charging infrastructure, as well as other governments’ commitment to encouraging the uptake of environmentally cleaner vehicles,” he said.

Chargemaster is based in Luton and designs, manufactures and markets charging points for domestic, commercial and public use. It also supplies software, installation and maintenance services.

The company said that annual demand for charging infrastructure was forecast to reach $1bn (£672m) by 2021, with regulatory changes driving the market.
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