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Tuesday, June 18, 2024

Estonian VOOL secures investment from Alexela in strategic partnership to enhance EV charging infrastructure

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Tallinn-based EV charging startup VOOL has secured €300,000 in funding from Alexela, an energy company founded in 1990. This investment will support VOOL’s infrastructural and technological growth as it develops comprehensive EV charging solutions, including hardware and software. VOOL’s software allows for cost-effective charging based on power market pricing, making the transition to electric vehicles more accessible for individuals and businesses. The funding will enable VOOL to accelerate its development to accommodate the estimated 80,000 electric vehicles expected on Estonian roads by 2030, contributing to the infrastructure and technological advancements required for widespread EV adoption in Estonia.

By 2030, up to 80,000 electric vehicles are forecasted to be on Estonian roads, but this cannot be achieved without the necessary supporting infrastructure and technological development.

Alexela and VOOL have signed a cooperation agreement to support this development. VOOL has primarily focused on developing EV charging hardware and software, whereas Alexela has been developing a public charging network, which currently boasts approximately 220 charging points across Estonia.

“In addition to developing technology and infrastructure, keeping costs low for consumers and ensuring the solutions are easy to use is crucial. One of our main values lies in our ability to use existing power grid connections efficiently. With VOOL’s chargers and smart load management device, there’s no need to make significant investments in upgrading main fuses when establishing charging points. VOOL’s charging solution is essential in apartment buildings where many cars charge at the same time, but it is also beneficial in single-family homes where high-power appliances like heating systems, stoves, and car chargers might operate simultaneously.” says Juhan Härm, CEO of VOOL.

Kristjan Suurorg, Head of E-Mobility at Alexela, believes that one must be clever to enable the widespread adoption of electric vehicles and achieve environmental sustainability goals.

“Alexela and VOOL have a lot in common as both of us want to offer practical efficiency or smart solutions that are economical for both the client and the environment. Without smart technology development, it is impossible to achieve green goals,” he said. “Together with VOOL, we will start offering a turnkey EV charging solution for both private and business customers. From Alexela, a client can get everything needed for EV charging from one provider, including electrical connection, the installation of a charger and load manager device, and VOOL’s smart software, which allows for cost-effective charging following electricity market prices. Hotels and other businesses can make their charging points public to offer charging services to their clients.”

Alexela became an investor in VOOL as part of the cooperation agreement. Marti Hääl, Chairman of the Board at Alexela, expressed his pleasure in collaborating with a domestic, innovative company.

“Our values align, and we believe our strategic cooperation will further enhance the development and international distribution of VOOL’s chargers,” comments Marti Hääl, Chairman of the Board at Alexela.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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