Chargetrip Receives €10 Million Investment

Amsterdam-based Chargetrip announced that it has received €10 million in a Series A funding round. The company aims to bring its range estimation and electric vehicle guidance technology to a wider audience in North America. It also plans to support fleet operators.

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Chargetrip

The Series A financing round was led by HSBC Asset Management and new investor Riverstone LLC, with existing investors including Blue Bear Capital, Vindeggen and Axel Springer Porsche also participating. In 2021, EVs accounted for around 9 percent of global car sales, rising to around 14 percent in 2022. However, the adoption and use of these vehicles in fleet operations is still slow, and Chargetrip aims to accelerate this process using technology.

Forecasting energy demand

An Axios report last month noted that the biggest fear among electric vehicle buyers is range anxiety. However, electric vehicles have made significant progress in recent years. Trips have become possible with the right planning. They have even evolved to eclipse the ICE (internal combustion engine) experience.

Chargetrip's Smart EV routing API Service and Software platform will help in the planning process. Through the API, Dutch startup Chargetrip has guided around 15 percent of EV drivers in Europe in 2022. In this way, it better understands the technological challenges among EV manufacturers.

The problem with electric vehicle adoption is not just about range or charging, says Dutch startup Chargetrip. It's also about understanding how far one can travel and planning the journey around that data. EV travel planning requires taking into account many factors such as weather, battery capacity, charging network and station availability. These factors make the experience unpredictable.

Chargetrip wants to eliminate this uncertainty and make EV operation predictable and scalable with its smart EV routing platform. For this purpose, it uses a routing engine that takes into account fifteen different variables such as real-time vehicle data, weather, temperature, altitude, rolling resistance and availability of charging stations. In this way, the real-time range of any electric vehicle can be calculated, making travel planning easier.