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.
The 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.
Co Charger were participants in SETsquared Exeter's Business Foundations Programme to equip them with 'fundamentals' and 'strategy and skills' to build strong, reilient businesses.
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 of their home. 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 to the platform, with targets to increase this to more than 500,000 by 2025 and has also generated considerable media interest with coverage in The Sunday Times, The Guardian, Autocar, BBC News Channel, BBCS 1 Morning Live and many other outlets.
Co Charger is an environmentally and socially responsible company, with an aim to help create greener, calmer more connected towns and cities by tackling one of the major barriers to EV uptake in the UK - the issue of charging.
As part of this goal, Co Charger wants to facilitate a reduction in CO2 emissions by over 100,000 tonnes by the end of 2022. In turn, helping to reduce the 8m deaths a year attributed to air pollution.
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.
Investors in the project will be supporting Co Charger to scale their platform and accelerate EV adoption. Minimum investment amount of £1,000. Capital at risk and returns not guaranteed.
Joel Teague, CEO, Co Charger, “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 “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.”