Chargemaster Plc is a UK manufacturer of charging systems for electric vehicles. The company planned to raise a total of GBP6 million through an initial public offering (IPO). The IPO was intended to meet the growing demand of the market and would be done in London's Alternative Investment Markte.
The company expected the start of trading to occur this month. This was according to a statement issued by David Martell, the CEO of UK based company.
Chargemaster planned to use the proceeds of the offering to exploit the growing market for electric vehicles in UK and around Europe. The company also planned to set policies for a diversified offering of its products. Since 2008, the company has provided gear for more than 6000 charging points.
Martell added in his statement that the demand is being driven by automotive producers as the growing range requirement for plug in cars should meet regulatory emission targets. He also said that the UK government committed to provide GBP37 million worth of funds for charging infrastructure. The move of the government was to encourage the uptake of environmentally cleaner vehicles.
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