Just a fortnight after its launch in late April, the company’s initial target had been pledged, and funding closed with £5.8 million raised.
EVIOS will use the majority of the funds to fuel the company’s ambitious plans for growth. £2.2 million will go into research and product development; £1.2 million will facilitate the launch of the EVIOS Two workplace charging unit; and £1.6 million will act as working capital and support the company’s expansion into Europe early next year.
73% of EV charging activity currently takes place at home, where it is around a quarter of the price of using a public charge point. David Martell, founder and former CEO of Chargemaster said: “The home charge market is expected to grow exponentially as more buyers make the shift to electrified mobility.
Making life easier for EV drivers
“The current base of 300,000 home charge points in the UK is expected to reach between seven and 10 million during the next decade. Our focus is to incorporate state-of-the-art technology into highly intuitive yet simple products that make life easier for EV drivers, and help more people embrace electric mobility.
“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.”
The EVIOS One makes charging an EV at home as simple as possible. It is the first unit to have a large colour screen, which displays charging information using jargon-free icons. Three charge modes support changing customer needs – Pure Speed charges as quickly as possible; Pure Green charges using any on-site energy sources such as solar power; and Pure Value uses auto tariff scheduling to only charge during off-peak times and significantly reduce costs.