Eleport, a Tallinn-based electric vehicle charging network provider, announced that it has closed a funding round from current investors Ambient Sound Investment and Gren.
The company did not disclose the specific amount of funding it received.
The Estonian company plans to invest more than 20 million euros in 2024 and more than 100 million euros in the next few years to expand its charging network.
The company plans to expand its electric vehicle charging infrastructure by installing 800 new charging stations this year alone.
These points will be added to the existing network, which currently consists of 550 charging points in Poland, Lithuania, Latvia and Estonia.
This will bring the total number of charging points to more than 1,350, creating more widespread charging facilities for electric vehicle owners in the region.
These expansion plans represent a whopping 145% increase over the previous year, the company said.
Given the efficiency of its current network and its pipeline of new projects, the company expects to see an impressive 300% year-over-year revenue increase in 2024, which would represent significant growth.
‘In these uncertain times, another capital investment not only signifies the confidence of our largest shareholders, but also serves as a drive to secure a stronger market position and foster long-term relationships with key business partners. Our goal is to acquire new individual customers and strengthen our position in the B2B market. For example, through new contracts with corporate fleet operators or agreements with large retail chains,’ said Raul Potisepp, CEO of Eleport.
The company also plans to expand its team size, bringing in new talent across a variety of functions.
Partnership with Bolt
The announcement comes days after the company launched a loyalty program in partnership with Bolt for ride-hailing service drivers.
As part of Bolt’s loyalty program, electric vehicle drivers and vehicle owners who use the ride-sharing platform can receive a pre-activated Eleport discount card to receive discounts on high-capacity charging.
Eleport: Modernizing the Charging Network
Founded in 2016, Eleport is building a modern charging network in the Baltics and Poland.
The company’s charging stations have enabled more than 100,000 charging sessions, resulting in an overall reduction of nearly 1,300 tonnes of carbon dioxide emissions.
In 2023, the company received €13.8 million in financial support from the Connecting Europe Facility (CEF) program to develop and modernize its infrastructure.