Ethex investors fuel success for Co Charger

Co Charger is an innovative platform that allows people to use an app to help them find shared EV chargers within their community. It enables EV owners who have a charge point at home to rent it out to people in their local area for an agreed price.  Their mission is to help more people across the UK access shared charging facilities and by doing so, remove one of the main barriers to EV ownership in the UK.

In order to help Co Charger deliver on their goals, they launched a £250,000 Enterprise Investment Scheme (EIS) tax relief-eligible share offer on the positive investment platform, Ethex, offering everyday people the opportunity to buy shares in the business and be a part of their future success. 

Having passed the £250,000 mark, the Co Charger team decided to extend the share offer until 20th September and it closed having successfully raised over £460,000 in investments. Co Charger has ambitious growth plans and this investment raise will enable the company to recruit a team to support the expansion of their pioneering technology platform across the UK and Europe.

The Co Charger app already has more than 4,900 users and they aim to grow this to more than 500,000 by 2025. The company also aims to reduce CO2 emissions by over 100,000 tonnes by the end of 2022, whilst also helping to reduce the eight million UK deaths a year attributed to air pollution.

Their high-profile media campaigns have seen them featured in; The Guardian, The Sunday Times, Forbes Magazine, BBC News, Sky News and on Fully Charged and they have already established in the EV supply chain signing partnerships with industry leaders ZoomEV and Select Car Leasing with many more to follow.

Joel Teague, Founder and CEO of Co Charger says: “The rapid growth of users has surprised even me. There are over ten million residential properties in the UK that don’t have space for a home charger which is seen by some as a barrier to driving an electric vehicle. Co Charger makes it possible for those residents without a home charger to rent one to a neighbour who does on a regular basis. The service is bookable, reliable, affordable and available in most neighbourhoods across the UK. Crucially, Co Charger is helping more people transition to electric vehicles and reduce air pollution in their neighbourhoods. We’re overwhelmed by the support from Ethex’s community of investors who are all striving to help the UK achieve net-zero by investing in companies driving sustainability. This investment round enables us to hire our core team and double users numbers to over 10,000 by the end of this year”. 

Lisa Ashford, CEO of Ethex said: “The entire team at Ethex are delighted with the success of the Co Charger investment raise on the platform. This (like the recent successful raise for Co Cars) has demonstrated the ongoing support from the positive investing community for these innovative organisations that are positively helping society to reach our net-zero targets. Co Charger is a great example of a business that’s pioneering technology to make sustainable lifestyles more achievable for all and we wish them every success for the future.”

Interested in becoming part of the shared EV charging community? You can download the Co Charger app here.