Tallinn-based Eleport, a provider of electric vehicle charging networks, announced that it has closed a funding round from its current investors Ambient Sound Investment and Gren.
The company did not reveal the specific amount of funding they received.
The Estonian company plans to invest over €20M in 2024 and more than €100M in the upcoming years to expand its charging network.
The company intends to expand its electric vehicle charging infrastructure by installing 800 new charging points this year alone.
These points will be added to its existing network of 550 charging points that are currently located in Poland, Lithuania, Latvia, and Estonia.
It will bring the total number of charging points to over 1350, ensuring a wider spread of charging facilities for electric vehicle owners in the region.
These expansion plans would represent a remarkable 145 per cent increase over the previous year, says the company.
Taking into account the current efficiency of the network and the pipeline of new projects, the company expects to see a remarkable year-on-year revenue increase of approximately 300% in 2024, indicating significant growth.
‘Another capital investment during these uncertain times not only signifies confidence from our largest shareholders but also serves as fuel for securing a stronger market position and fostering long-term relationships with our key business partners. Our aim is both to win new individual customers and to strengthen our presence in the B2B market, e.g. through new contracts with corporate fleet operators or agreements with large retail chains’ – said Raul Potisepp, CEO of Eleport.
Additionally, the company is set to increase its team size, onboarding new talent across various functions.
Partnership with Bolt
The announcement comes a few days after launching a loyalty programme in partnership with Bolt for ride-sharing service drivers.
As part of Bolt’s loyalty program, electric car drivers and fleet owners on its ride-sharing platform can receive a pre-activated Eleport discount card, providing a discount for high-capacity charging.
Eleport: Modernising charging network
Founded in 2016, Eleport is building a modern charging network in the Baltics and Poland.
The company’s stations enabled more than 100,000 charging sessions, which resulted in a collective reduction of almost 1300 tons of carbon dioxide emissions.
In 2023, the company received financial support of €13.8M from the Connecting Europe Facility (CEF) programme to develop and modernise its infrastructure.
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