The company plans to use these funds for expansion into European markets, further develop the energy management system and launch a digital platform.
The European EV charging network is in need of drastic expansion to accomodate mass emobility adoption. AgeVolt, a Slovak start-up and mutiple awards winner for its sustainable and effective e-mobility solutions has received strategic investment and is preparing for growth.
AgeVolt has a radically different approach towards emobility by turning limitations into opportunities. Instead of racing to build faster chargers, AgeVolt is making charging more convenient and accessible. It offers charger owners and drivers, benefit of dynamic pricing instead of them being dictated by charge point operators. AgeVolt enables chargers to be installed using the existing electrical connection over building new connections. It is supporting the local, regional and EU-wide energy system through dynamic demand side balancing for greater stability, instead of overloading the energy system.
AgeVolt is creating potential for every car parking space owner to share chargers with the public on their own terms, when they desire, and combine charging with loyalty programme and digital marketing. AgeVolt also has a charging solution for apartment neighbourhoods and urban residential areas with limited access to parking. According to Jan Zustiak, CEO & Founder of Agevolt, “This shared green economy, will not just kick-start the EU e-mobility acceleration but will also promote energy sustainability.“
This potential was recognised by the European Commission.
Last year, the AgeVolt was awarded the Seal of Excellence certificate by the European Commission. “The judges of the Horizon 2020 program were the first to see AgeVolt’s potential. One year after being awarded the certificate, we secured funding from the consortium of InoBat and IPM Group along with the Venture to Future Fund“, said Ján Zuštiak.
“The development of electromobility is one of the main objectives and policies of the European Union, as well as Slovakia. However, building the necessary infrastructure is time and money consuming. AgeVolt addresses this with a unique approach based on intelligent electricity management of the buildings without requiring large capital investment. We believe that this solution will contribute to a wider and faster expansion of charging points and the development of a shared charging ecosystem. We are glad to be a part of this story”, explains Matej Říha, Chairman of the Board of Venture to Future Fund.
“The investment into AgeVolt represents another validation of InoBat’s strategy to bring solutions across the whole e-mobility value chain from R&D, battery manufacturing, recycling and now also EV charging”, said Marian Bocek, CEO and Co-Founder of InoBat. “We are happy to support AgeVolt with the development of their unique smart EV charges and intelligent energy management system and therefore, contributing to the overall rise in EV adoption in CEE region as well as the rest of EU.”, added Marian Bocek