Slovenský startup AgeVolt so svojím ekosystémom nabíjania elektromobilov získal investíciu 1,2 milióna eur
22 June 2021 (Bratislava) - AgeVolt, an innovative Slovak e-mobility start-up today announced an investment of EUR 1.2 million from from the consortium of InoBat and IPM Group along with the Venture to Future Fund (VFF).
‘’This strategic investment is an important milestone for AgeVolt. Thanks to it, we are step closer to a realizing a new vision of charging electric cars, which will provide an alternative to the established practices and the effort to dominate charging infrastructure. With AgeVolt, e-mobility is sustainable and eventually beneficial for society on many levels”, said Ján Zuštiak, Founder & CEO of AgeVolt.
AgeVolt offers a comprehensive solution to the parking space owners, which measures the current consumption of the building and regulates the charging power. Thanks to this, the existing electrical connection of the building can be used for installing EV chargers without the fear of network overload, increasing the circuit breaker value or the reserved capacity. Any parking space owner, from businesses, workplaces, public places, apartment blocks to households, can charge their own electric cars as well as offer a peer-to-peer charging sharing service to the public. They also have full control to set pricing and charging conditions without increasing monthly fees, unlike the currently enforced restrictive terms of charging point operators. Retail chain stores, hotels, leisure and shopping malls can also connect EV charging to their existing customer loyalty programmes and digital marketing.
"The development of electromobility is one of the main objectives and policies of the European Union, as well as Slovakia. However, building the necessary infrastructure is time and money consuming. AgeVolt addresses this with a unique approach based on intelligent electricity management of the buildings without requiring large capital investment. We believe that this solution will contribute to a wider and faster expansion of charging points and the development of a shared charging ecosystem. We are glad to be a part of this story.", explains Matej Říha, Chairman of the Board of Venture to Future Fund.
“The investment into AgeVolt represents another validation of InoBat’s strategy to bring solutions across the whole e-mobility value chain from R&D, battery manufacturing, recycling and now also EV charging”, said Marian Bocek, CEO and Co-Founder of InoBat. “We are happy to support AgeVolt with the development of their unique smart EV charges and intelligent energy management system and therefore, contributing to the overall rise in EV adoption in CEE region as well as the rest of EU.”, added Marian Bocek
AgeVolt plans to use the investment primarily to expand into the European markets, further develop energy management capability and build a digital platform using blockchain technology. "We are accelerating the development of what still is a very weak charging infrastructure and streamlining the electricity distribution. We are also seeing a growing polarization of society towards reserved parking spaces and unfounded fear of electromobility. We have innovative solutions for all this to demonstrate that electromobility adoption can benefit society, if it is set up correctly", concluded Ján Zuštiak from AgeVolt.
AgeVolt entered the market at the beginning of 2020. It holds the Seal of Excellence certificate, which was awarded by the European Commission to the most promising European innovative projects in 2020. Thanks to this, it will receive additional EUR 1.8 million grant from the Slovak Republic’s Ministry of Economy by the end of this year.
AgeVolt has secured TOP 10 places in several international start-up competitions and competed with hundreds of innovative companies. This year, AgeVolt was added to the prestigious #SET100 list as one of the 100 most innovative startups in the energy and mobility sectors. AgeVolt is collaborating with the National Battery Center and the Slovak Academy of Sciences development of new technologies, and e-mobility innovations in strategic partnerships with DXC Technology, ABB and Engie Slovakia. Dozens of AgeVolt chargers are currently in operation in the Slovak and Czech Republic, with further hundreds in planning stages for the near future.
About investors
InoBat is a Slovak R&D and energy solutions company established in 2019, focusing on a complete value lifecycle, touching on each part of the battery value chain, including R&D, manufacturing, recycling, energy storage and charging. Its landmark project InoBat Auto is set to be a leading EV battery supplier in Europe, thanks to its superior R&D capabilities and ability to create customised and high-margin EV batteries, with faster development time than the industry norm.
IPM Group is an innovative asset management company which specialises in InfraTech investments - first-of-their-kind transactions that provide ground-breaking technologies with the real-world infrastructure necessary to ensure long-term growth. IPM focuses investment in companies that are positioned to solve some of the world’s pressing issues in the sectors of energy, mobility and digital infrastructure.
Venture to Future Fund (VFF) is a joint initiative of the European Investment Bank (EIB) and the Ministry of Finance of the Slovak Republic through Slovak Investment Holding. The fund was established in 2019 and it is the first venture capital fund of its kind in the CEE region, which managed to raise capital from the EIB. VFF is focused primarily on the support and development of the venture capital market for small and medium-sized enterprises in Slovakia and in the EU. The fund's investment strategy is to support innovative companies in the growth phase of their life cycle with the potential to expand into European and global markets.