Kaunas-based Elinta Charge gets €7 million boost for its EV charging solutions
Lithuanian startup Elinta Charge, a spinoff from Elinta Group, has raised €7 million for its electric vehicle charging solution. The green tech company designs and assembles stations for residential and commercial use and provides intelligent insights.
Moving to electric vehicles is key to Europe’s strategy to reduce carbon emissions. Electric vehicles offer a greener way for citizens to travel and continue enjoying comfortable mobility. As with many of the initiatives across Europe to achieve net zero, fueling the achievement of ambitious targets are innovative startups. In this case, Kaunas-based Elinta Charge is helping the transition to electric vehicles by making charging, and associated insights, more readily available.
Founded in 2018, Elinta Charge designs and assembles EV charging stations for commercial and residential use. In addition, its platform provides cloud-based intelligent software for fleet managers, as well as operators of public spaces, offices, hospitality and other facilities. To further fuel development, the company just scored €7 million in fresh funding in a round led by AVIA Capital and LitCapital.
The European Union has set a target of tripling the number of publicly accessible charging points to 1 million by 2025 and banned the sale of new cars with combustion engines from 2035. Around the world, the number of public charging points will increase 12-18 times by 2030, according to International Energy Agency estimates. It’s a market that needs fresh innovation in order to unlock the potential of EVs and to realistically achieve targets, and Elinta Charge is stepping up to the plate. The company’s tech is already installed in more than 30 countries across 4 continents.
This fresh funding boost will be used by the Lithuanian-based startup to explore production opportunities in Poland, benefiting from the country’s strong automotive component sector, supportive R&D policy and infrastructure, as well as its proximity to key EU markets. It’ll also supercharge Elinta Charge’s growth – creating new products and services, developing next-generation software, and, recruiting top engineers and programmers.
Hard work pays off. Congratulations to the entire team at Elinta Charge on your funding. I wish you success in your endeavours.Shishir Gupta, Founder and CEO, StartupLanes
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