Estonian startup Eleport, which builds a next-gen EV charging network, has secured new funding from existing investors Ambient Sound Investments and Gren. The round equated to around €5M, according to BalticVC.
The company is gearing up for a significant year, with a plan to solidify its presence in the CEE market. Eleport plans to invest over €20M in 2024 and more than €100 million in the following years to expand its coverage. This comes after the company received the financial support of €13.8M from the Connecting Europe Facility (CEF) program in 2023.
Now Eleport plans to increase its charging points network in Poland, Lithuania, Latvia, and Estonia by adding 800 new points in 2024. This will bring the total number of charging points to over 1350, making it one of the most important players in the region. Based on improved network efficiency and upcoming projects, the company expects a 300% revenue increase in 2024.
EV on the rise
Rapid growth follows the demand. According to Eleport’s own statistics, EVs are on the rise among potential buyers. In the first two quarters of 2023, Latvia led in the Baltics and Poland with the highest increase in electric vehicle demand. Estonia followed in second place, with a 79% increase, equating to 644 new EVs. Poland ranked third with a 76% increase, totaling 8,495 new EV purchases.
Investors also ready to seize the opportunity. Due to the company’s ambitious plans and expected growth rate, key shareholders, such as Gren and Skype investment firm Ambient Sound Investments co-founders, decided to increase their financial support, writes the company.
‘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.
New hires are also to come. Eleport is planning to increase its team by 40% to support its goals and expansion. Plus, the company is already eyeing more foreign lands.
“We are evaluating opportunities to develop our sustainable transport solutions in five potential markets: Romania, Hungary, Croatia, Slovakia, and the Czech Republic,” – adds Potisepp.
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