UK electric vehicle (EV) charge point supplier POD Point has launched a new crowdfunding round to raise the final £1.5 million needed to meet its £9 million target after securing investment from a range of sources.
The current funding round has already seen venture capitalist Draper Espirit invest £3 million for new shares and £2m for secondaries alongside Barclays Capital who are providing £2m of venture debt.
Additional equity investment of £550,000 has been secured from angel investors and POD Point has made £2 million worth of shares available to the public through the Crowdcube platform to raise the remaining funds.
The new investment will be used to expand the company’s capabilities in preparation for the expected widespread adoption of electric vehicles in the UK. Over 38,000 plug-in vehicles were registered in 2016 compared to just 1052 over the same time period in 2011, a five-year growth rate of almost 3,500%.
This trend has continued to a point where in January 2017, sales of ‘alternative fuel’ vehicles set a new record for percentage share of the UK car market.
This is set to continue as the UK government has identified electric vehicles as a key new market in a post-Brexit economy. Business secretary Greg Clarke has said EVs will be “at the heart” of the UK’s industrial strategy, while the Department for Transport recently set out its plans for the future of UK EV charging infrastructure in the UK.
Erik Fairbairn, chief executive of POD Point, said: “This is a significant milestone for a sector that has been gathering momentum for some time. The way people use cars is changing and how they are powered is at the epicentre of that.
“Travel shouldn’t damage the earth, which is why we are building the most advanced intelligent charging network in the UK, the POD Point Open Charge Network.”
The £9 million of investment will fund the next stage of business growth for POD Point, which has manufactured and sold over 27,000 charging points since it was founded in 2009. The company says 50 jobs will be created as a result to help it reach its goal of having one of its stations installed everywhere people park for an hour or more by 2020.