Charge Amps continues growth journey with best quarter ever and revenue growth of 57%
26.08.2022 – STOCKHOLM, SWEDEN: Charge Amps AB (publ) (”Charge Amps”), a leading provider of EV charging solutions, continues its growth journey with a 57% increase in revenue during Q2 compared to the same quarter in 2021. Reporting its best quarter ever, Charge Amps closed the second quarter at 98.6M SEK with continued robust sales in its home market of Sweden as well as growing sales figures internationally. During H1, the company’s revenue was 165.5M SEK, which equals year-on-year growth of 47%.
Charge Amps continues its international expansion with a Spanish subsidiary, Charge Amps España SL, set up in Q2. During the same period, the company also signed a new global distributor agreement with Rexel 3S, which creates opportunities for both parties to increase growth and to establish Charge Amps in more markets.
The company has continued to develop its hardware as well as its Cloud platform, including new functionalities and adjustments to ensure products meet the international OCPP standard. In July, Charge Amps launched Green Charging, which allows Charge Amps users to charge their car using solar energy from solar panels, for renewable and sustainable charging.
During the second quarter, Charge Amps noticed minor delivery disruptions without any significant effect on delivery capacity. The gross margin of 38% in Q2 2022 compared to 41% the previous year was affected by higher logistics costs and a larger proportion of purchases outside its framework contract. The company has initiated an action programme expected to show effects during the autumn.
As previously communicated, Anders Bergtoft has stepped down from his position as CEO of Charge Amps with COO Olle Tholander appointed as Acting CEO. Recruitment has begun for the company’s next CEO, who will lead Charge Amps through the next phase of its growth journey.
Olle Tholander, Acting CEO, comments: “Charge Amps has taken big leaps on its growth journey during 2022, and this is clearly visible in the Q2 results. We continue to secure collaborations with important partners such as Rexel and our international expansion is going according to plan, where we have become an important player in several European markets, such as Germany and Spain. An important recent milestone to mention, although since Q2, is the launch of Green Charging, which we are incredibly proud of and which signals our ambition to continue contributing to a more sustainable future.”
About Charge Amps
Charge Amps is a leading, Sweden-born provider of innovative and sustainable charging solutions for electric vehicles. Charge Amps develops smart and user-friendly products for use in homes, offices, and public places. Charge Amps was founded in 2012 in Stockholm, Sweden, and is undergoing rapid international expansion, with 160 employees in seven countries, and sales across 15 markets. For more information, visit www.chargeamps.com.
Olle Tholander, Acting CEO
Phone: +46 (0)72 507 46 88
Kristina Elfström Mackintosh, CFO
Phone: +46 (0)70 633 89 90