The UK’s first dedicated electric vehicle community charging scheme, Co Charger, has today announced the launch of a funding round via the Ethex positive investing platform to raise £250k to grow its shared mobility initiatives.
Its share offer will allow people who are keen to support the UK’s transition to sustainable transport to invest in this pioneering tech organisation, via a share offer, with investments being eligible for Enterprise Investment Scheme (EIS) tax relief.
Launched in 2020 (and affiliated with the Co Cars family), Co Charger has developed an app that enables people who cannot charge a vehicle at home, to do so within a short walking distance.
Their platform allows electric vehicle owners who have a charge point at home to rent it out to people in their neighbourhood for an agreed price, encouraging the uptake of EV purchase.
Since the launch in November 2020, the company has grown rapidly, onboarding over 3,700 users on its platform, with targets to increase this to more than 500,000 by 2025, and it has also generated considerable media interest with coverage in The Sunday Times, The Guardian, Autocar, BBC News Channel, Morning Live and many other outlets.
Since their formation, the company has sought out opportunities to partner with businesses and political groups to further this goal. As part of the Action Net Zero campaign, Co Charger has partnered with Good Energy, Right Charge, Elmtronics and TLT to encouraging a widespread shift to sustainable transport in Bristol as part of a push to reduce air pollution
Funds will enable Co Charger to recruit new staff and undertake technical development and marketing that is needed to increase their user base and help more people to choose sustainable transport.
Joel Teague, CEO, Co Charger, said: “Since last November we’ve made major strides towards our goal of supporting a transition to electric vehicles. Alongside our partnerships and increasing numbers of sign-ups to our platform, we continue to see a steady increase in demand for electric vehicles and their charging points.
“Coupled with this week’s news regarding the UK Vauxhall plant’s electric vehicle plan, we can only see this market continuing to grow, so the time is right to grow our own business in preparation.”
Lisa Ashford, CEO, Ethex, said: “As we see more and more electric vehicles appearing on UK roads, easy to access and affordable charging will continue to be a growing issue. With this in mind, we’re delighted to be supporting Co Chargers ambitious growth plans to help advance electric vehicle adoption in the UK through their innovative digital approach to facilitate charge point sharing.”