Mobeus invests in Andersen EV
HMT advised Mobeus Equity Partners on their £1million growth capital investment in smart electric vehicle charger designer Andersen EV.
Based in London, Andersen EV designs aspirational, sleek electric vehicle charge points and uses industrial-grade electronics to deliver enhanced performance as well as advanced software for a range of smart charging functionality.
The electric vehicle (“EV”) market grew by 132% in the year to May 2020, compared to a 58% drop in sales of petrol and diesel vehicles, over the same period. Andersen has established an attractive position in the market and has several prestigious OEM partnerships.
The EV market has demonstrated resilience in the new COVID-19 environment, illustrated by Andersen logging its record trading day in June. Electric vehicles are expected to continue their strong growth as a proportion of total vehicle sales, as adoption is also likely to benefit from significant environmental policy introduction, relating to decarbonisation and air quality, across Europe, with similar measures expected to follow in the UK.
The funding package from Mobeus will be used to drive expansion in the fast-growing electric vehicle market. Following the transaction, Rob Mouser has joined the Andersen EV Board as Executive Chairman.
HMT undertook financial due diligence for Mobeus on this transaction.
Jane Reoch, Investment Director at Mobeus commented:
Paul Read commented:
“We are delighted to have advised Mobeus and Andersen EV on this transaction. The electric vehicle market is growing fast and Mobeus’ investment will enable the business to realise their ambitious growth plans. We look forward to working with them again in the future.”
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