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.
Piotr Panasiewicz, Director at AVIA Capital, said “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. 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.”
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.
Ignas Mikutis, Elinta Charge CEO, explained: “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. 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 produces e-mobility infrastructure solutions that are both elegant and durable, delighting infrastructure operators and EV drivers alike.”
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.
Šarūnas Šiugžda, Founder and Managing Partner at LitCapital, added: “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.”