ELECTRIC vehicle (EV) charging specialists Elmtronics secured a £200,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF) to open a new Manchester office.
Elmtronics offers an end-to-end solution to customers by supplying, installing, maintaining and operating electric vehicle charging systems. It provides 24/7 support to clients which include E-ON and has secured strategic partnerships with both Nissan and Ecotricity.
The County Durham-based company is fast growing with over 200 customers and 13 employees. It serves around 6% of the UK commercial EV charging market and is seeking to grow this.
The investment will enable the company which has a second office in London to open a new Manchester office in the NPIF area, creating six jobs.
Dan Martin, Elmtronics CEO, said: “Electric charging companies are very territory-focused and we have found from experience that a strong regional presence is important to gain traction in a particular geographical area.
“With this in mind, we plan to open several regional centres to reach new markets and take advantage of the industry’s huge growth potential, with the new Manchester office being the first of these centres.
“We are grateful to NPIF – FW Capital Debt Finance for supporting us during this pivotal time for the company.”
Keith Charlton, Senior Investment Executive at FW Capital, said: “Electric vehicle technology is an extremely fast-growing sector and is forecast to accelerate at a rapid pace. In 2014, an average of 500 electric cars were registered each month; in 2018, that increased to 4,800 per month. Now is a good time to enter that sector whilst competition levels are relatively low.
“Elmtronics is a growing business with strong current trading and an opportunity to grow sales and profitability by expanding its range and increasing sales channels.
“We are delighted to be able to support Elmtronics and wish them the very best for the future.”
Sue Barnard, Senior Manager at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, recruit staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting small growing businesses with vital investment.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719