Today Charge Amps, a Swedish greentech company and maker of EV (‘electric vehicle’) charging solutions, has announced that it has raised around €12.8 million in a round led by Swedbank Robur via its equity funds, Microcap and Ny Teknik. In addition, Swedbank Robur has purchased shares corresponding to approx. €1.9 million from current shareholders, bringing its total investment in Charge Amps to around €14.7 million.
The investment will be used to further expand and establish Charge Amps’ European presence in key markets for 2021 including the Nordics, the UK, as well as the DACH and Benelux regions. It will also be used towards R&D to enhance Charge Amps’ product offering and innovation, and to ensure operational excellence in preparation for an IPO, which is planned for next year.
Founded in 2012, Charge Amps develops smart AC charging stations, cables, and dedicated cloud software for use at home, in connection to commercial properties and offices, and in public environments.
The company has more than doubled its revenue growth year-on-year since 2018, with last year seeing an increase of 142%, and solid growth continuing this year, when revenue is projected to SEK 250 million. Since the launch of its first charging station Charge Amps Halo, in 2015, Charge Amps has sold over 40,000 charge points to B2C and B2B customers in 15 countries.
Henrik Carlman, Portfolio Manager at Swedbank Robur, comments: “We are proud to be part of this funding thus enabling a continued international expansion for Charge Amps, whose products help accelerate the needed green transition from fossil to electric cars. Our investment will contribute to giving Charge Amps good prerequisites to continue their strong growth journey, which will also have the potential to benefit our fund’s shareholders moving forward.”
Anders Bergtoft, CEO of Charge Amps comments: “Swedbank Robur is the ideal investor for us and we are so pleased to have them back our mission to bring Charge Amps’ solutions to EV owners across Europe and beyond. To achieve a fossil-free future, we believe that owning an electric car has to come with zero hassle and 100% pleasure. This is something that we are here to facilitate and with the support of Swedbank Robur, our existing shareholders, and key distribution partners, we know that we can deliver at scale.”
“Demand for our smart and uniquely designed products has been boosted by government incentives and net-zero emission goals, but most of all, it has been driven by an ever-growing group of customers determined to contribute to a greener future. This investment will help us ensure the operational excellence required to take Charge Amps public in 2022, and in turn, ensure that individuals can continue to shape the bright future of our company and EV charging innovations for years to come.”
Charge Amps’ products are produced in Sweden and developed to be durable in all climates and weather conditions, with its Charge Amps Halo charging station having the highest IP rating on the market. Charge Amps uses recycled aluminium in its products, recognised by their distinctively sleek and iconic design, which has been developed by former Koenigsegg Design Director, Joachim Nordvall. Charge Amps’ charging stations are also made to be user-friendly and reduce the impact from EV charging on the grid system, while maximising energy and cost efficiency.