The Garage 341

EV
EV home charging
company
EVIOS secures
£5.8M to fuel
ambitious growth
● Peer valuation forecasts value of £300 million within four years; tenfold
return predicted for first-round investors
● EVIOS sets sights on becoming largest EV home charge provider by 2025
● New funds will support R&D, launch of the EVIOS Two workplace unit and
expansion into Europe
● Unique functionality of EVIOS One will accelerate mass uptake of EVs
British electric vehicle (EV) home charging
company, EVIOS, has secured significant
new external investment within weeks of
launching. Just a fortnight after its launch
in late April, the company’s initial target
had been pledged, and funding closed with
£5.8 million raised.
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 (30) previously had a stake in
Chargemaster. With a pre-money valuation
of £28 million and EIS advance assurance
from HMRC, EVIOS is an attractive
proposition for investors. A peer group
valuation of £300 million within five years
places the initial stakeholders in a solid
position to see a tenfold return on their
investment. EVIOS joins the home charging
market in a unique position offering a
standout product that is competitively
priced with multiple routes to market.
EVIOS will use the majority of the funds
to fuel the company’s ambitious plans for
growth. £2.2 million will go into research
and product development; £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 expansion into Europe early
next year.
73% of EV charging activity currently
takes place at home, where it is around
a quarter of the price of using a public
charge point. Martell comments: “The
home charge market is expected to grow
exponentially as more buyers make the
shift to electrified mobility. The current
base of 300,000 home charge points in
the UK is expected to reach between
seven and 10 million during the next
decade. Our focus is to incorporate stateof-the-art
technology into highly intuitive
yet simple products that make life easier
for EV drivers, and help more people
embrace electric mobility.
“The incredible support from our
new investors will now help us meet the
charging needs of the 70% of EV buyers
with access to off-street parking, and
the users or landlords of multioccupancy
buildings. By addressing these previously
unmet market needs, we will ensure EVIOS
becomes the UK’s largest EV home charge
provider by 2025.”
The EVIOS One makes charging an EV at
home as simple as possible. It is the first
unit to have a large colour screen, which
displays charging information using jargonfree
icons. Three charge modes support
changing customer needs – Pure Speed
charges as quickly as possible; Pure Green
charges using any on-site energy sources
such as solar power; and Pure Value uses
auto tariff scheduling to only charge during
off-peak times and significantly reduce
costs.
The EVIOS One takes account of the
user’s energy tariff and vehicle-specific
data to detail actual money spent and
mileage added. Unique PIN-protected
multi-user functionality can accommodate
up to eight profiles per unit, making it
ideal 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.
Every interaction with EVIOS and its
product is designed to be as simple and
stress-free as possible. With the current
cost of living crisis, EVIOS wants to put
users in control of their finances, whether
charging using solar or off-peak tariffs or
helping to calculate recharge costs for
clients or work expenses.
The EVIOS One is manufactured at
EVIOS’ Bedford HQ, eradicating the long
wait times of concern to many customers.
At the point of order, customers are
able to select an installation date that
suits them and one of EVIOS in-house
installation team will fit the unit to the
home, configure the user profile(s) and
guide the customer through a simple
tutorial of the unit and app.
THE GARAGE 31
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