BMW Might Make Investment in UK EV Charging Company Chargemaster image

According to an anonymous source BMW wants to buy a 2% stake in the provider of EV charging points, Chargemaster.

BMW is expected to officially make the announcement before the launch of its electric i3 on Monday, July 29th, according to the anonymous source. According to a report published by Britain’s Sky News the deal might be worth somewhere around 500,000 pounds.

The British company Chargemaster designs, builds and sells charging points for commercial, domestic and public use, but it also offers installation, software and maintenance services. Last year the company supplied more than 2,800 charging points, reaching revenue of 3.6 million pounds. Neither of the two companies offered any details about the deal.

Recently Chargemaster, which is based in Luton, announced its plans to float to London’s junior AIM market, and hopes to cash in on a recent EU ruling which requires 800,000 charging points to be installed in the European market by 2020. Automakers in Europe have already begun to increase their plug-in lineup in an attempt to comply with the tougher CO2 emissions targets.

On another matter, last week, BMW dealers said they do not agree with the automaker’s plan to include all models in the Web-based sales. BMW is trying to boost sales and revenue in Germany by turning to Web sales and house calls by sales personnel.

Source: Reuters