East Anglian based company EO Charging has successfully secured £13 million of investment from Zouk Capital in its continuing growth, reports Current New.co.uk.
Founded by Charlie Jardine in 2015, EO Charging earlier this year held the record for the biggest single site installation of electric vehicle chargers. The company has ‘manufactured over 5,000 charging stations used across homes, fleets and destinations’ working ‘with the likes of Uber, Addison Lee, Google, and Hampshire Police, and completed the installation of 41 smart-connected chargers at one of Gnewt Cargo’s London depots’, reports the online news agency.
This Suffolk business is currently selling its products in 25 countries around the world and expects to grow rapidly over the next three years, with the mass adoption of electric vehicles.
Founder/chief executive of EO Charging, Charlie Jardine, said: “We’re currently witnessing a revolution in the automotive industry, one that’s akin to when the combustion engine took over from the horse and cart. EV chargers are more than ‘just a plug’; they’re the gateway to the future of mobility and the first piece of the puzzle in giving people energy autonomy. And added “We’re a small company with big ambitions and want to become the number one electric vehicle charging manufacturer, for homes, workplaces and fleets, globally by 2025. This investment will catapult EO into an exciting phase of growth and help us shake-up the rapidly growing EV charging industry.”
The £13 million investment by Zouk, which also invests in fast-charging firm Instavolt, will initially be used to grow the EO Charging team, which currently stands at 20 employees to around 30 by the end of 2018, as well as furthering their product development range. The remaining funds will be used for a new ‘charging as a service’ model, similar to Instavolt’s model, offering to install units free of charge, which then EO Charging will take a portion of revenue over the course of the contract length.
Partner at Zouk Capital Colin Campbell, commented: “We consider EO Charging to be the most exciting young company in the AC charging space with a unique range of high quality yet competitively priced solutions, software and hardware for commercial and private buyers. Colin added, “We have tracked EO for over a year and we believe that Zouk will help unlock the huge opportunity ahead for the company operating in an important part of the EV charging market.” To read more go to Current News.co.uk
From one Suffolk business to another, congratulations to EO Charging.
You can see both EO Charging and us at the evDriver Experience Day, we’ll be taking our Zero, Super Soco, and Oset Motorcycles.
