Good news for EV enthusiasts and advocates of green energy. Estonian EV charging startup, VOOL, has just closed its seed investment round, raising a total of €1.7M. The round was led by Specialist VC and attracted a mix of influential investors, including the President of Estonia (2016-2021), Kersti Kaljulaid.
The company was founded in 2018 by energy experts Juhan Härm (CEO), Sander Vahtras (CPO) and Hindrik Kilter(CTO). VOOL’s technology provides a highly efficient and cost-effective charging solution for EVs. It uses the existing grid three times more efficiently, avoiding the need for major grid upgrades.
With its innovative software, VOOL enables smart charging at the lowest possible cost and offers a complete solution for businesses and private customers, making the transition to green energy faster and more affordable.
Bridging the EV charging gap
Currently, Europe has 375,000 charging stations, but a recent analysis by McKinsey suggests that the EU-27 will need at least 3.4 million public charging points by 2030. The build-out of the infrastructure may cost upward of €240 billion. VOOL helps to bridge this gap without the need for massive grid upgrades.
VOOL’s solution includes the charger, hub, app, web platform, and admin portal, which work together as a system or can be used independently. The system is compatible with all cars and other charging solutions. According to Juhan Härm, the CEO of VOOL, the company’s technology enables savings of up to 90% on charging costs. This has attracted the interest of real estate developers, who can avoid the costs associated with building new charging spots.
The funding round was also participated by Elar Nellis, the first employee of Pipedrive and current employee of VOOL, Taavi Kotka, the former CIO of Estonia, entrepreneurs Justin Jenk and Toomas Kõuhkna, Opus 11 VC and the leading startup accelerator in Europe, Startup Wise Guys, among others.
With the funding secured, VOOL plans to ramp up the production of its chargers and expand its reach into new European markets. The company aims to install 20,000 charging stations by the end of 2023. Currently, VOOL operates in the Baltics and Finland and employs 30 people.
Former President of Estonia and angel investor of VOOL, Kersti Kaljulaid, is confident in the company’s solution. “I invest in companies that operate in a sector I understand and create real things for which there is a market. VOOL offers a simple and efficient solution to the real problem of how to get the increasing amounts of energy we need from the plug,” she says.
Since its inception, VOOL has received recognition and support from the industry, securing €4.7M in funding to date, including a grant of €3M from the European Union’s EIC Accelerator innovation fund in 2022.
Interested in investing in Estonia? Find out more about the country’s energy sector here and book a time via e-Consulting to speak to your personal advisor.