An electric vehicle charging specialist has set out its three-year growth plans, that will see its turnover reach almost £8m a year.
County Durham-based Elmtronics is aiming to be one of the top four companies operating in the UK’s rapidly growing EV charging market by 2020. It is looking to make a bold move into new markets and is seeking £400,000 investment to help a predicted boost in sales.
The firm, which installs, maintains and operates EV chargers, expects to almost treble its 11-strong workforce and open a second satellite office. It is also looking to expand its head office at Derwentside Business Centre, in Consett, which is run by Business Durham, the economic development organisation for County Durham, as it takes a stronger foothold in commercial, public and residential EV markets.
Anthony Piggott, technical director at Elmtronics, said: “The electric vehicle market is predicted to expand exponentially over the next decade and Elmtronics’ strategy, coupled with this market boom, will unlock huge growth potential.
“We’re actively seeking investment to help us focus on growth in key areas, including new innovative product offerings, the residential vehicle charging market and the creation of a concession-based charging model to help us get into the largely untapped retail and leisure markets.”
Since Elmtronics formed in 2013, it has gained a seven per cent share of the EV charging market, concentrating on the commercial and public sectors and working with big name companies such as MetroCentre owner intu and Nike, as well as many NHS Trusts and councils.
While it expects organic growth in these areas to continue, Elmtronics intends to make significant moves into the residential EV charging market by the end of the year, building strategic partnerships like those already in place with car manufacturer Nissan and energy giant E.ON.
Elmtronics, which has a second office in London, has seen its turnover treble in the last 12 months and projects an increase from £750,000 this financial year to £7.8m in 2020, with a profit of £900,000 and a sustained 25-50% growth until 2030.
Sarah Slaven, interim managing director of Business Durham, which works on behalf of Durham County Council, said: “Elmtronics is already experiencing impressive growth and taking on more staff so its move to Consett couldn’t have come at a better time.
“The great thing about Derwentside Business Centre is that its office units come in a range of sizes, meaning it can accommodate businesses big and small, and allow them to expand without outgrowing the facilities.”