Inbalance, a company that develops and manages smart charging stations for electric cars, raised 1.5 million EUR in the second investment round. The existing investors - Contrarian Ventures and Coinvest Capital VC funds, Mantas Mikuckas, co-founder of the first Lithuanian unicorn Vinted, and business angel Ernestas Petkevičius - are joined by two new private investors - Tomas Dirvonskas and Paulius Šarka.
The company plans thousands of new electric car charging stations and the largest network in the region. The company completed the first investment phase in the spring of last year, attracting 950 thousand euros.
The attracted investments will be directed to realize the main goal - to become the largest and main operator of electric car charging stations in the Baltic States and Poland. In Lithuania and other markets, we offer a complete electric car charging infrastructure solution, which, due to the business model and the technologies used, is adapted to the mass adaptation of electric cars", says Inbalance CEO Simonas Stankus.
According to S. Stankus, the continued interest of investors confirms the relevance of the proposed solutions in the context of global environmental challenges. "Our cooperation models do not require large infrastructure costs from the business, because we invest ourselves and operate on the principle of service. In this way, we proactively contribute to the development of the country's charging infrastructure - when businesses don't have to spend a lot of money, they install charging stations much more actively, and accessibility for residents increases, public stations appear, and the possibility to charge at workplaces and shops," says the CEO of Inbalance.
Less environmental impact sets the direction for investment
One of the investors - the Contrarian Ventures fund - singles out the fight against climate change as the main strategic direction.
Inbalance's competencies, innovations, and business model as a whole are fully in line with our strategic direction to contribute to the reduction of CO2 emissions by investing in technological companies. We are confident that the company will become a leading player in shaping the electric car charging ecosystem and ensuring the availability of the infrastructure," says Contrarian Ventures partner Tomas Kemtys.
According to Viktorija Vaitkevičienė, director of the Coinvest Capital fund, infrastructure development is a necessary condition for consumers to like electric vehicles. "The transport sector is one of the biggest polluters of the climate, and companies like Inbalance are helping to transform it. This investment is important for us both as investors who focus on companies that comply with the principles of environmental protection, social responsibility and good governance (ESG), and as consumers who are impatiently waiting for a breakthrough in the electric car market," says V. Vaitkevičienė.
According to the latest data, there are currently 4 million people driving on the streets of Europe. electric cars and a quarter of them were registered this year alone. The growth in the number of electric cars soon will create an unprecedented electricity demand.
Electricity distribution networks are not ready to handle such a load, because they simply weren't designed for it. Evaluating this, we invest a lot in the technological aspects of stations and software, such as power balancing, which solve several complex dilemmas of electric car charging infrastructure", comments S. Stankus.
About Inbalance
2019 founded "Inbalance" is an innovator and competence center of electric vehicle charging infrastructure solutions. The company develops and manages smart charging stations for electric cars and is a charging network operator. The "Inbalance" solution allows you to optimize electricity consumption and meet the growing need for charging electric cars without the need to change the existing electrical installation infrastructure.
About Contrarian Ventures
Contrarian Ventures is a venture capital fund investing in early-stage energy and electrified mobility technology startups in Europe and Israel. To date, Contrarian Ventures has already invested in 18 companies in eight countries and is one of the most active early-stage energy and electrified mobility venture capital investors in Europe.
About CoInvest Capital
CoInvest Capital, together with business angel groups and private venture capital funds, invests in start-up and business development companies. Together with more than 90 individual investors, the fund has already invested almost 11 million in 20 companies. euro The investment from the fund was made according to the financial instrument "Co-investment fund II, financed from European regional development funds.
Contacts:
Simon Stankus
CEO and co-founder of Inbalance
Email p.: simonas.stankus@inbalance.lt
Tel.: +370 616 83149
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