Swedish greentech company Charge Amps raises €12.8M for its EV charging solutions; plans to go public by 2022

Stockholm-based Charge Amps, a green-tech company, and maker of EV charging solutions has raised £11M (approx €12.88M) in a fresh round of funding. The round was led by Swedbank Robur via its equity funds, Microcap and Ny Teknik. Also, Swedbank Robur has purchased shares corresponding to £1.7M (approx €1.99M) from current shareholders, which brings its total investment in Charge Amps to £12.7M (approx €14.87M).

With this round, the company has raised a total of SEK 208M (approx €20.47M), to date.

Use of the funds

The raised capital will help the company to further expand and establish its European presence in key markets this year including the Nordics, the UK, as well as the DACH and Benelux regions.

The proceeds will also be used towards R&D to enhance Charge Amps’ product offering and innovation and to better the operations to help prepare for an IPO, which is planned for next year.

About Charge Amps

Charge Amps was initially founded by Fredrik Jonsson in 2012, while co-founder Boel Rydenå Swartling joined the company shortly after. The company 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.

Besides Sweden, Charge Amps has additional teams based in Norway and Denmark. The company says, this year, it will set up more European offices in a number of countries. Currently, Charge Amps is led by its CEO Anders Bergtoft and employs a team of 62.

How are Charge Amps’ products different from its competitors?

The company’s products are produced in Sweden and developed to be durable in all climates and weather conditions. According to the company, most of its competitors make charging stations from plastic, however, Charge Amps uses recycled aluminium in its products, which it got developed by former Koenigsegg Design Director, Joachim Nordvall.

Charge Amps claims that its charging stations are made to be user-friendly and reduce the impact of EV charging on the grid system which helps in maximising energy and cost-efficiency. 

This is made possible through the Dynamic phase and load balancing that ensure that users do not overload the available electrical capacity – it can be controlled via Charge Amps’ Amp Guard – which connects to the Charge Amps Cloud platform. And, Smart charging – which schedules charging to when capacity is available and enables the lowest possible energy price.

Charge Amps products are sold across Europe via distributors and retail partners such as electrical wholesalers, car dealers, charge point operators, and utility providers.

Recent growth

In a press release, Charge Amps claims to have doubled its revenue growth year-on-year since 2018, with last year seeing an increase of 142 per cent. This year, the company’s is expecting a growth revenue of SEK 250M (approx €24.6M). 

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.

Anders Bergtoft, CEO of Charge Amps, says, “To achieve a fossil-free future, we believe that owning an electric car has to come with zero hassle and 100 per cent 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.”

He further adds, “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.”