EVIOS, a British provider of residential charging, has secured significant new external investment within weeks of launching. The company has now raised some £5.8 million.
EVIOS is the brainchild of David Martell, founder and former CEO of Chargemaster, which was sold to bp for £132 million in 2018. Of the 66 new investors in EVIOS, nearly half previously had a stake in Chargemaster.
EVIOS will use the funds to fuel its ambitious growth plans: £2.2 million will go into R&D; £1.2 million will facilitate the launch of the EVIOS Two workplace charging unit; and £1.6 million will act as working capital and support the company’s planned expansion into Europe early next year.
The EVIOS One features a large color screen and 3 charge modes: Pure Speed charges as quickly as possible; Pure Green charges using on-site energy sources such as solar power; and Pure Value schedules charging during off-peak times in order to take advantage of any available time-of-use tariffs.
PIN-protected multi-user functionality can accommodate up to 8 profiles per unit, making the EVIOS One suitable for workplaces and multi-occupancy residences. Multiple units can be managed via the app, which also generates historic user reports to facilitate recharges to customers or tenants.
EVIOS has an in-house installation team, and also offers an interest-free financing program.
“The home charge market is expected to grow exponentially as more buyers make the shift to electrified mobility,” said Martell. “The current base of 300,000 home charge points in the UK is expected to reach between 7 and 10 million during the next decade. Our focus is to incorporate state-of-the-art technology into highly intuitive yet simple products that make life easier for EV drivers.”