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Swedish EV charging company Charge Amps raises $15 million

·1-min read

STOCKHOLM (Reuters) - Swedish maker of electric vehicle charging solutions, Charge Amps, said on Friday it had raised 130 million crowns ($15.3 million) in a funding round led by Swedbank Robur, ahead of a planned IPO next year.

Charge Amps, which develops smart charging stations, cables, and cloud software, said Swedbank Robur had also bought shares worth 20 million crowns, bringing its total investment in the firm to 150 million.

The company will use the funding to expand in key European markets including the Nordic countries and the United Kingdom, for R&D, and to prepare for an IPO, which is planned for next year.

Founded in 2012, Charge Amps said it was expecting sales of 250 million crowns this year and has more than doubled growth year-on-year since 2018.

"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," CEO Anders Bergtoft said in a statement.

(Reporting by Helena Soderpalm)