Chargemaster raises £1.5m through Braveheart

AIM-quoted Braveheart Investment subsidiary Envestors has led a £1.5m fundraising for Chargemaster ahead of a possible flotation in 2011 or 2012.Chargemaster installs charging posts for electric vehicles. It charges a few thousand pounds to install a charging post and there is also a monthly payment for data and services. The cash raised will be used to expand the sales force and enhance the company's market position. Chargemaster made a small profit on revenues of £1.01m in 2009. It is expected to make a loss in 2010 and then make its first significant profit in 2011.The two founders of traffic information and telematics provider Trafficmaster set up Chargemaster.David Martell is executive chairman of Chargemaster, while fellow Trafficmaster founder Ian Williams is a non-executive director. Technical director Jeff Solomon performed the same role at Trafficmaster. At Cleantech Investor's electric vehicle investor breakfast conference at the end of November, Martell said that he hoped to float the business in the next 12 months or so. Braveheart acquired Envestors in August for up to £2.45m in shares at 33.87p each payable over five years. Envestor generated revenues of £495,000 in the year to March 2010.