Lithuanian startup Elinta Charge raises €7m to accelerate EV charging solutions
AVIA Capital and LitCapital have invested €7 million in Elinta Charge, a Lithuanian developer and manufacturer of electric vehicle (EV) charging solutions, to support R&D, development of new products and further international expansion in the fast-growing e-mobility market.
Elinta Charge designs and assembles EV charging stations for commercial and residential use, and also provides cloud-based intelligent software for fleet managers, as well as operators of public spaces, offices, hospitality and other facilities. The company’s technology is already installed in more than 30 countries on four continents worldwide.
Piotr Panasiewicz, Director, AVIA Capital: “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.”
Šarūnas Šiugžda, Founder and Managing Partner, LitCapital: “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.”
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.
Ignas Mikutis, CEO, Elinta Charge: “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. With a strong investor of Polish origin on board, we’re looking forward to benefitting from developments in Poland on both the demand and the supply side. We expect to benefit from working with Polish high-tech companies and hiring highly qualified Polish technical staff.”
Elinta Charge will use the funding from AVIA Capital, which specialises in scaling up innovative companies, 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. The investment will be used to scale up the company, create new products and services, develop next-generation software and recruit engineers and programmers. According to the company’s CEO, it will help the company to maintain the same growth rate during this and upcoming years as in 2021 when Elinta Charge doubled its performance.
Elinta Charge has proved themselves to be a successful industry player. The company has been internationally awarded with the prestigious RedDot award for CityCharge V2 Product Design in 2018 and named the Lithuanian Export Company of the Year 2021 by the Lithuanian Confederation of Industrialists. Moreover, its Chief Technology Officer has been recently recognized as one of the TOP5 best CTOs in Lithuania in 2021.
Deloitte Lithuania and Glimstedt law firm acted as advisors to Elinta Charge. The investors were advised by Walless and Persense.