The global electric utility vehicle market size is estimated to grow at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. The growth of the market is majorly attributed to the increasing adoption of electric UTVs in farming activities and their application in industrial logistics and warehousing. The growing usage of connected vehicle technology and increasing internet and smartphone penetration also support this growth.
Catching up with this growth is EVUM Motors, a designer and manufacturer of electric utility vehicles. The Munich startup has secured €20 million in funding led by European growth deep tech PE firm Jolt Capital, which backed BioSerenity and MICROOLED. It was also supported by Bayern Kapital and other existing investors.
EVUM Motors intends to use the investment to offer robust electric vehicles with smart energy solutions, grow production capacities, and expand the sales and service geographic footprint in Germany and Europe.
aCar, an all-electric vehicle
EVUM Motors was established by Martin Šoltés as a spin-off from Technical University of Munich in 2017. Headquartered in Munich, the company has a production facility in Bayerbach. The idea of the company is to build a simple, robust, all-electric commercial vehicle for Africa and other emerging markets.
Its aCar is a new kind of commercial vehicle with an all-wheel and electric drive. It is touted to be one of the most economical and environmentally friendly solutions for a wide range of tasks. It entered into production at the end of 2020 and uses parts from well-known European manufacturers.
Already, the German startup has delivered nearly 1,000 vehicles to customers in growing niche markets such as municipalities, agriculture, and industry. Its reach is boosted by regulatory requirements and public pressure for electrification of utility vehicle fleets.
Martin Šoltés, CEO of EVUM Motors, said: “This investment is a clear sign that our vision of electric mobility and eWork will shape the future. It’s a crucial step in taking EVUM to the next level. Jolt Capital is a reference investor for European technology investment, and we are delighted that they have recognised us as a leader in our space. This significant investment provides a powerful boost to our mission to become a European leader in electric mobility and energy efficiency.”
Eric Arnould, General Partner at Jolt Capital, commented: “As we are used to scaling responsible deep tech companies across Europe, we have been impressed by the products developed by EVUM Motors, and by the potential to offer much more than electric vehicles. This investment reflects Jolt Capital’s confidence in their ability to develop smart energy solutions and contribute to the electricity transition of transportation and work.”
Monika Steger, CEO of Bayern Kapital, added: “As a long-term supporter of EVUM Motors, we are delighted to be part of this growth phase. We firmly believe in EVUM’s vision and potential.”
