Virta Ltd Receives €85 Million Investment

Virta Ltd receives €85 million investment. Future Energy Ventures, an investment group led by Jolt Capital and backed by E.ON., Helen Ventures, Vertex Growth Fund, Fin Industry Investment and Lahti Energy, received €65 million in equity investment from existing investors. Some of this investment came from companies such as Vantaa Energy and Kotka Energy. In addition, 20 million euros will be received from Business Finland, which provides innovation funding for companies and research organizations.

Also Read: UK Allocates Record Funding for Artificial Intelligence

Virta and the Home Charging Industry is Moving Towards an Era of Growth

More than 1,000 professional electric vehicle charging businesses operate on the Virta platform in 35 countries. When these businesses come together, they form one of the largest public charging networks in Europe. Electric vehicle drivers have access to more than 350,000 charging points within this network. The network is available in a wide range of areas, including roaming.

In the period 2023 to 2030, full-scale implementation of demand-side flexibility, including EV charging, will save up to €254.4 billion in grid infrastructure and investments in peaking plants. It will also save 300 million tons of greenhouse gas emissions by 2030. Full deployment of demand-side flexibility could result in potential cost reductions of more than €71 billion per year in electricity consumption for consumers.

According to preliminary data, Virta Group's annual revenue increased by 112% to €39 million in 2022. This means that the company has secured a place in the Financial Times 1000 Fastest Growing Companies in Europe for the fourth consecutive year.