An electric vehicle charging firm has received £1.5m in investment to grow its business across the UK.

Consett-based Elmtronics, which develops software that is used in electric vehicle charging points, is looking to expand after receiving the seven-figure sum.

The company’s software, Hubsta, is used to measure customers’ electricity usage at charging stations, allowing them to manage their account and par for charging services.

The company has offices in Consett, Bristol, Manchester and London and counts Nike, The NHS, National Grid, FedEx, and Taylor Whimpey among its clients.

Securing the investment will allow Elmtronics to expand its reach into “underserved UK regions” and improve its software. The company also plans to create 19 new jobs over the next three months, a move that will double the size of the firm.

The investment follows the Government’s announcement that it will ban the sale of new petrol and diesel cars from 2030.

Elmtronics’ CEO Dan Martin, who founded the company in 2016 with Anthony Piggott, said: “The latest Government announcement is another big step forward on the ‘road to net zero’. However, despite the growing popularity of EVs with consumers and fleet users, a lack of charging points continues to deter many from making the switch.

“This funding will allow us to step up our activity to help build the all-important infrastructure. We hope to make Elmtronics a key player in the roll-out.”

The funding was secured from investment manager Ingenious, which invested £750,000 into Elmtronics through its Infrastructure Ventures EIS Service, along with the North East Venture Fund, which is supported by the European Regional Development Fund and is managed by Mercia.

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Neil Forster, chief executive officer at Ingenious, said: “We have been following the progress of Elmtronics for some time and are delighted to back a company that aligns strongly with our investment strategy as it is well placed in an under-served market, made all the more relevant by last week’s news of Government action to promote the use of electric vehicles.

“We are very much looking forward to working closely with Dan and his team.”



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