According to data published by the International Energy Agency (IEA), ownership of electric vehicles worldwide will increase to about 125 million by 2030
The IEA attributed the projected growth to government policies that encourage municipalities, fleets and individual drivers to buy clean-running vehicles. The projection is a vast increase from 2017. In 2016, the IEA’s estimate of electric vehicles in use was 3.1 million – a 54% increase.
What does the future hold for electric vehicles?
The demand for electric vehicles has resulted in a large increase in new registrations of plug-in vehicles, from 3,500 in 2013 to 150,000 in May of this year. The number of plug-in hybrid and pure electric vechiles available in the UK has increased dramatically, with many of the dominant British manufacturers offering several electric vehicles in their range of models.
The projected growth in electric vehicles will provide great opportunities for the battery-charging industry. In Spring of this year our SFC EIS Growth Fund invested in Petalite. Petalite’s innovative technology allows for charging a battery fully to take just 15 minutes.
Growth in technology
During Spring, The SFC EIS Growth Fund invested in 5 ventures, two of which were technology-based businesses. Technology based companies have the advantage of potentially qualifying as ‘knowledge intensive’ under the new EIS rules. For a business to qualify as a knowledge intensive company, it is obliged to engage in developing of Intellectual Property (IP). IP is expected to be the company’s core source of business for 10 years. This is measured from the date the business received investment,
Read more: ‘knowledge intensive’ qualifications
Christian Elmes, Partner
Christian Elmes trained at PwC and qualified as a chartered accountant in 1999. From there he moved to Morgan Stanley (2000-2002) as Associate in the Investment Banking Division (IBD).
He was appointed Director of Finance, Teather & Greenwood Investment Management in 2002 and moved with the Tax Efficient Solutions team to Smith & Williamson in 2004, becoming Deputy head of the department. Christian left to co-found Enterprise in 2011.
Over the last ten years, Christian has been responsible for developing a number of tax efficient products, particularly Enterprise Investment Schemes. He is able to lead on tax efficient product development from inception through to completion. He has a financial and tax background and commercial experience.