Swedish EV firm Charge Amps has raised more than £12 million to bring its charging solutions to the rest of Europe.
The company raised a further 150 million SEK to bring its total funding to date to 358 million SEK (c.£28.8 million). The funds will be used to further grow Charge Amps’ European presence, including in the UK, Germany, and Spain, where it opened offices in 2021, and in the Nordics, where, in its home country, Sweden, the company is currently the second-largest player of its kind.
In addition, the investment will be leveraged for product development and to maintain momentum and operational excellence ahead of the company’s IPO, which is planned for 2022.
Founded in 2012, Charge Amps develops smart charging stations, cables, and dedicated cloud software for use at home, in connection to commercial properties and offices, and in public environments. Since the launch of its first charging station, in 2015, Charge Amps has made over 100,000 charge points for customers in 15 countries.
In 2021, the company reported its strongest year since its inception, with sales increasing by 145% compared to the previous year whilst maintaining a solid gross margin.
Anders Bergtoft, CEO of Charge Amps, said: “It is fantastic to have the continued backing of our brilliant existing shareholders while getting to welcome new investors aboard our journey. Over the past year, we have delivered on our goal to make big market moves across Europe and to continue our growth in the Nordics. With this funding, we are in an ideal position to build on this momentum and supercharge our work to bring smart, user-friendly, and great-looking products to customers while playing our part in bringing about a cleaner and greener world.”