Solus Power, a UK-based innovator in portable electric vehicle (EV) charging solutions, has secured a significant investment of £22 million (US$28 million) from Dubai-based Petra Equity Partners. This funding will accelerate the development and deployment of Solus Power’s technology, aiming to address the challenge of EV charging in various locations, especially those lacking established infrastructure.
Earlier this month, we had also reported about how Echion Technologies secured $35M for niobium-based, fast-charging battery tech.
What problem is the startup solving
The widespread adoption of electric vehicles is crucial for transitioning to a sustainable transportation system. However, a significant hurdle lies in the limited availability of charging infrastructure, particularly in remote areas, off-grid locations, and situations with limited access to power. Solus Power’s innovative solutions address this challenge by providing portable and adaptable EV charging units.
Solus Power offers a range of mobile EV charging products, including the “Kratos,” a military-grade, portable power unit. This ruggedized unit, designed for easy transportation and deployment, is roughly the size of an attaché case. Discreetly placed under vehicles, the Kratos utilises Lithium-ion battery technology to deliver ultra-fast charging to EVs, drones, or other electrical equipment, regardless of location.
The modular design of Solus Power’s charging units allows users to scale the system’s energy capacity by connecting multiple units depending on their needs. This flexibility caters to various applications, from charging individual vehicles to powering entire fleets in remote locations.
Strategic partnerships drive growth
Petra Equity Partners’ investment demonstrates confidence in Solus Power’s disruptive technology. This investment firm focuses on identifying and backing companies with the potential to reshape industries. Their partnership aligns with Solus Power’s mission to revolutionise mobile energy and overcome electrification challenges.
Furthermore, Solus Power has established a Memorandum of Understanding (MoU) with QinetiQ, a leader in defence and security technology. This collaboration explores deploying Solus Power’s charging solutions to provide a reliable and adaptable energy source for military operations in challenging environments. This potential application aligns with the increasing focus on sustainable practices within the defence sector.
Advancing electrification across industries
Solus Power’s CEO, Stas Leonidou, expressed enthusiasm about the investment and collaboration with Petra Equity Partners. He emphasised the significance of the funding in accelerating the development and deployment of Solus Power’s technology, not only for the broader EV market but also for the evolving needs of the defence sector.
Since its inception in 2020, Solus Power has secured backing from various investors and commercial customers. These partnerships highlight the growing interest in and potential of their modular charging solutions across diverse applications, including car parks, car rentals, and now, the defence industry.
Solus Power’s recent funding and strategic partnerships position them as a key player in addressing the challenge of EV charging infrastructure. Their portable and adaptable solutions offer flexibility for various applications, paving the way for a more electrified future across industries. As the EV market continues to grow, companies like Solus Power will play a critical role in ensuring accessible and efficient charging solutions for all.
