BMM Networks Limited (“the Company” or “BMM”) was established in 2018 to operate a charge point network business, with a strong recurring revenue base, throughout the UK.
As has been well documented, Government/Local Authority policy is to significantly reduce carbon emissions from petrol/diesel vehicles by 2030. The key driver to delivering this policy is an increase in the number of electric vehicles on the UK’s roads; a key element to achieving this is the installation of a charging infrastructure capable of delivering fast, convenient charging to an increasing number of users.
Currently there are c.250k electric vehicles in the UK, with an expectation that this will increase to c.1m by 2022. Currently, less than 40% of drivers have access to off-street charging capability, which declines to less than 20% in urban areas.
The management team have considerable experience in the EV charging sector, as well as success in a broader range of industries, and relationships with major corporates in the electricity sector.
The Government, through the Office for Low Emission Vehicles (OLEV), has dedicated over £900m of funding to expanding EV usage, of which £500m is in-scope for the BMM charging point business model.
BMM has identified a significant opportunity, within the On-Street and Workplace charging sector of the EV charging market, to implement a simple, focused business model. Through its delivery partner, BMM Energy Solutions Limited (“BMM Energy”), it has engaged with a number of Local Authorities, winning key contracts to deliver OLEV funded projects. BMM will operate the charge point estate, receiving 100% of the revenue from the sale of electricity.
BMM Energy is one of 10 approved framework providers for OLEV funded projects and is consequently well placed to win new Local Authority contracts that are using OLEV funding support. Typically, OLEV funds 75% of the installation cost of £5k for each charging point, leaving BMM to fund the balance of £1.25k per charger.
BMM is seeking £1.375m of equity funding from the Growthdeck network to deliver its business plan. The Company is in the process of seeking HMRC confirmation that it can qualify for the Enterprise Investment Scheme (EIS).
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