Swedish green-tech company, Charge Amps AB, raises $15 million in pre-IPO investment from Swedbank Robur for continued international expansion of EV charging solutions
The funding will be used to help grow Charge Amps’ market presence in the UK and wider Europe as well as ensuring operational excellence in preparation for IPO next year.
19.03.2021 – STOCKHOLM, SWEDEN: Charge Amps AB (publ) (www.chargeamps.com), a Swedish green-tech company and maker of EV charging solutions, today announces that it has raised $15.3 million (SEK 130M) in a round led by Swedbank Robur (www.swedbankrobur.com) via its equity funds, Microcap and Ny Teknik. In addition, Swedbank Robur has purchased shares corresponding to $2.4 million (SEK 20M) from current shareholders, bringing its total investment in Charge Amps to $20 million (SEK 150M).
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.”
About Charge Amps’ products
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. Unlike most of its competitors, which make charging stations from plastic, 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 made to be user-friendly and reduce the impact from EV charging on the grid system, while maximising energy and cost efficiency. This is made possible through:
- Dynamic phase and load balancing – to ensure that users do not overload the available electrical capacity. This is controlled via Charge Amps’ smart power monitor, Amp Guard, which connects to the Charge Amps Cloud platform.
- Smart charging – that schedules charging to when capacity is available and enables the lowest possible energy price. This can be controlled via the Charge Amps Cloud Platform and app, or by a user’s energy company, via a unique ‘Partner API’.
Charge Amps products are sold across Europe via distributors and retail partners such as electrical wholesalers, car dealers, charge point operators, and utility providers.
About Charge Amps
Charge Amps was initially set up by its founder Fredrik Jonsson in 2012, with co-founder Boel Rydenå Swartling joining the company shortly after. Charge Amps is headquartered in Stockholm, with additional teams based in Norway, and Denmark. In 2021, Charge Amps will set up more European offices in a number of countries. The company is headed up by its CEO Anders Bergtoft and employs a team of 62. Its investors include Swedbank Robur, Skellefteå Kraft, and OK Ekonomisk förening. Total funding to date is 208M SEK.
About Swedbank Robur
Swedbank Robur is a wholly owned subsidiary to Swedbank and active in Swedbank´s four home markets. Swedbank Robur was founded in 1967 and offers more than 80 mutual funds, institutional and discretionary asset management and management of pension funds. The number of customers is 3 million in Sweden and 1 million in the Baltic countries. Assets under management are approximately SEK 1678 billion (31 December 2020). Swedbank Robur’s vision is to become a world leader in sustainable value creation.
ABG Sundal Collier AB is acting as Sole Global Coordinator and Bookrunner in connection with the private placement and the planned IPO. Advokatfirman Lindahl KB acted as legal counsel to Charge Amps.
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