Electric vehicle charging firm's expansion plans powered up with £200k investment
A County Durham-based electric vehicle charging specialist has secured £200k to expand into new regions with the opening of a North West office.
Elmtronics, which is based in Consett, has received funding from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF) to open a Manchester office.
The firm, which has already opened a second office in London, will create six new jobs with the opening of its new North West base.
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.
Speaking about the investment, he added: “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, added: “Electric vehicle technology is an extremely fast-growing sector and is forecast to accelerate at a rapid pace. 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.”
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