Elinta Charge, a Lithuanian developer and manufacturer of electric vehicle (EV) charging solutions, announced that it has secured €7M from AVIA Capital and LitCapital.
How will the funding be used?
The company will use the funds to explore production opportunities in Poland, benefiting from the country’s strong automotive component sector, and supportive R&D policy and infrastructure.
A part of the investment will be used to scale up the company, create new products and services, develop next-generation software and recruit engineers and programmers.
“While Elinta Charge is already achieving outstanding growth, we’re only just getting started on tapping into the enormous potential in the EV technology space,” said Ignas Mikutis, Elinta Charge CEO.
He adds, “With rising support from individuals, businesses, and regulators, electric vehicles are becoming an increasingly inevitable part of our daily lives. This is an exciting market to be in, and our focus on refined design, high-end engineering, and smart functionalities produce e-mobility infrastructure solutions that are both elegant and durable, delighting infrastructure operators and EV drivers alike.”
The European Union (EU) has set a target of tripling the number of publicly accessible charging points to 1M by 2025 and banned the sale of new cars with combustion engines from 2035.
As a result, the number of public charging points will increase 12-18 times by 2030, according to International Energy Agency estimates.
EV charging stations
Led by Ignas Mikutis, Elinta Charge designs and assembles EV charging stations for commercial and residential use. The company also provides cloud-based intelligent software for fleet managers and operators of public spaces, offices, hospitality, and other facilities.
Currently, the company’s technology is installed in more than 30 countries on four continents worldwide.
“Elinta Charge is an innovative company operating in the booming EV market, whose charging solutions are valued by clients and industry experts for their functionality, durability and aesthetics,” says Piotr Panasiewicz, Director at AVIA Capital. “The company knows how to service demanding corporate clients and cities, supporting green transport while preserving the beauty and functionality of the urban landscape. We are happy to come aboard as investors and support further growth, not least because this investment will have a positive impact on the environment.”
“Considering the solid market potential, coupled with our strong belief in the engineering talent at Elinta Charge and the outstanding product they have built, we are extremely glad to be able to join as investors,” says Šarūnas Šiugžda, Founder and Managing Partner at LitCapital.
