Reading: Boyes Turner advises on electric vehicle charger deal

Specialist Reading-based tech law firm Boyes Turner has advised on an investment deal which will help drive growth at a smart electric vehicle charger firm.

The team from Boyes Turner acted for Mobeus on its injection of £1 million of growth capital into Andersen EV, which designs aspirational electric vehicle charge points.

The Thames Valley-based legal firm recently appointed head of corporate Kate Eavis led the team in the latest deal.

Mobeus’ investment comes after the electric vehicle (EV) market grew by 132% in the 12 months to May 2020, compared to a 58% drop in sales of petrol and diesel vehicles over the same period, with Andersen logging its record trading day in June as it continues to establish a strong position in the market.

Kate Eavis said: “The EV market will have a key role in helping the UK and the world meet the climate change challenges we all face in the coming years and it’s great to be able to help our clients invest in a fast-growing business within this space and power the next stage of their growth.”

Mobeus investment director Jane Reoch said: “Andersen has grown rapidly in an attractive market space. The team immediately impressed us with a high-end product, best in class software and top tier OEM partnerships.”

Jérôme Faissat, Andersen EV co-founder, added: “We have a very clear philosophy, which meant finding the right investment partner, who really understood what drives us, was crucial. Going electric is a choice to embrace a sustainable future and we see EV chargers being at the centre of everyone’s smart energy home. This additional funding means that we are very excited about the next stage in our growth journey.”

Eavis, who was appointed as the new head of the corporate team at Boyes Turner at the start of 2020, led the team supported by Rachael Brenchley and Andy Whiteaker.

The Boyes Turner corporate team, which last year advised on more than £250m worth of national and international deals, was also again recommended by the prestigious Legal 500 at the end of last year.

HMT, led by partner Paul Read and manager Andrew Reid, undertook financial due diligence for Mobeus on this transaction.

Jane Reoch, investment director at Mobeus, commented: “It was a pleasure to work with Paul and his team, who are well experienced in analysing young fast-growth businesses.”

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.”