FARMINGTON HILLS — Beringea LLC, a private equity firm providing growth capital to businesses, announced that its London office, has invested $5.1 million in Chargemaster, the UK’s leading provider of electric vehicle charging infrastructure. The $3.4 million investment will be put into Perfect Channel, a auction solution provider, used to build the senior management team, to launch in the U.S., and to expand the development team.
Since its founding in 2008, Chargemaster has quickly grown to become the largest supplier of EV equipment and infrastructure in the UK with more than 10,000 public and commercial charging points installed across the country. The company is also a key player in the European EV market, with over 4,000 charging points installed. The investment will be used to strengthen Chargemaster’s position in the UK market and fund further expansion into the European EV charging market.
Chargemaster’s EV charging units can be wall mounted, placed on street-side posts, or custom-built to specific customer requirements. The company’s advanced charging stations are installed in both domestic and public places, enabling EV owners to safely charge their vehicle at home or on the go.
Beringea invests in Perfect Channel via its London office. The platform combines auction theory with technology to create identifiable uplift in value for its clients. Perfect Channel will provide an end-to-end auction solution for businesses, with services across auction design, auction management, and post-auction analytics. Its platform is designed for scale, managing up to 60,000 simultaneous bidders, across a variety of different verticals on a global basis.
Perfect Channel already has a strong roster of clients including Christie’s, Lloyd’s of London and LeasePlan, across the UK, U.S., and Europe.