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196%
Raised
£588,560
Investors
656
Target
£300,000
Equity
12.83%
Pre-money valuation
£4,000,000

Andersen EV has established itself as a premium provider in the fast-growing Electric Vehicle home charger market. With a ten-fold increase in sales from Q2 2018 compared to Q2 2019 and a third of all sales in the last 3 months alone, the business returns to Crowdcube to accelerate their growth.

  • Electric vehicle UK registrations up 236% in September 2019
  • Up to 10.5 million Electric Vehicles (EV) expected in the UK by 2030
  • Andersen press coverage in The Times, Mail online, BBC London
  • Customers love Andersen: 5* google reviews, 'Great' Trustpilot

Idea

The problem

The battery-electric vehicle market is exploding; current global value was $118 billion in 2017 and is projected to reach $567 billion by 2025.

Yet, despite being a mission-critical item for EV owners, we believe customers are often stuck with plastic, utilitarian charging points.

The Andersen difference

Andersen plugs the gap by creating smart, powerful and customisable charging points that customers are happy to use at home. Our A2 charger is the only charger that stores and hides your cable.

Our complete end to end solution includes a high-level installation service that has enabled us to secure key manufacturing partnership deals.

The Andersen Kønnect mobile app gives customers regular over-the-air updates so their charge point improves over time.

Government tax changes to the Benefit in Kind (BiK) means electric cars become income-tax-free for company car drivers from April 2020.

The Road Ahead

We need to scale-up production to meet demand. In September we secured contracts as the recommended provider for two premium car manufacturers.

We aim to increase our profit margin and scale manufacturing capability. Last 12 months: £509k revenue/-£759k EBITDA. Last 6 months: £306k revenue/-£259k EBITDA).

We want to deliver a faster and even better service and expand our team to consolidate our reputation as a premium charging solutions provider, and widen our product offering.

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Risk warning

Investing in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. Crowdcube is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions. You will only be able to invest via Crowdcube once you are registered as sufficiently sophisticated. Please click here to read the full Risk Warning.

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Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Andersen EV has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.