Porsche and Jaguar Land Rover's preferred EV installer, Evios, raises £4M in Series A funding round

Makers of EV-charging-at-home solutions, Evios has secured £4 million in a Series A funding round. The capital is aimed at expanding operations and growth of Andersen EV, an outfit Evios acquired in October 2022. It is the preferred at-home EV installer for Porsche and a preferred supplier for Jaguar Land Rover in the UK.

While you or I might not think too much about the simple act of hopping in the EV to get from point A to point B, the fact is that, unlike their petrol-powered counterpoints, there’s a massive infrastructure that makes the pop-down-to-the-shop happen.

Outside of manufacturers and the technology therein, one of the hottest sub-sectors is that of keeping that EV moving, i.e. charging networks, both out-and-about and at home.

Launched in 2022, Evios could be considered the at-home focus of serial entrepreneur and company founder and CEO David Martell’s track record in the EV charging space.

Growth through acquisition

Elektromotive

In January 2017, the CMA provided the green light for Martell’s former company, Chargemaster, to acquire Elektromotive, the very first provider of commercial car charging points in the UK, and its supporting subsidiary, Charge Your Car. 

The deal was valued at £8.5 million.

Following a £15 million investment from Chargemaster, in mid-2017, the company would then go on to be acquired by BP for £130 million, providing the backbone of today’s BP Pulse. 

In October 2017, Elektromotive founder Calvey Taylor-Haw, an inventor widely credited as the inventor of electric car charging was dismissed from Chargemaster and agreed to work his 12-month notice, staying on as director of partnerships, and would retain his share options in the company.

During this notice period, Chargemaster was acquired by BP placing Taylor-Haw's shares at a value of £1 million.

However, when Mr Taylor-Haw tried to exercise his options Chargemaster refused to allow him to do so. During an Employment Tribunal hearing, Martell asserted that no assurances relating to the provision of his share options had been made.

The case would later go on to see a ruling that found that Taylor-Haw had been unfairly dismissed from the company.

Andersen EV

Now with Evios, it would appear as though Martell is recycling the playbook, this time focusing on the at-home market. In late October 2022, Evios acquired Mobeus Equity Partners-backed Andersen EV for an undisclosed figure. 

Through the acquisition, Evios not only inherited Andersen EV’s IP but also welcomed a “recommended installer” badge from Porsche GB alongside a partnership agreement penned with Jaguar Land Rover just months prior.

Since taking control of Andersen EV, Evios says that sales figures have increased by 104 per cent, and now adding to the £5.8 million already secured, intends to expand production and deliver a new range of products, specifically targeting higher-end clientele in the EV charging market.

On the investment, Beringea founding partner Malcolm Moss shared:

“David is an exceptional entrepreneur. His track record of scaling businesses that shape the future of the automotive industry in the UK is peerless. We are therefore delighted to be working alongside David once more and backing the growth of a business that will play a vital role in the growth of the UK EV market and the success of the country’s energy transition.”

Lead image via Evios. Photo: Uncredited.