VOOL Receives €1.7 Million Investment

VOOL, a company that produces solutions to the charging problem of electric vehicles, announced that it has received 1.7 million Euro in a seed investment round. The round led by Specialist VC; Startup Wise Guys, Former Estonian President Kersti, Justin Jenk, Elar Nellis, Toomas Kouhkna, Taavi Kotka and Opus 11 VC participated.

The number of electric vehicles has started to increase day by day in many parts of the world, especially in Europe. Although electric vehicles are the best option in terms of sustainability, insufficient infrastructure is the biggest obstacle to their widespread use. According to research, Europe will need a minimum of 29 million private charging points by 2030.

On average, 77 times as many charging points will be needed as the stations installed today. Designing new power grids to meet the growing demand is not an environmentally friendly approach. Therefore, there is a huge gap between access to grids and the expansion of electric vehicles. Estonia-based VOOL is carrying out important work at this point.

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VOOL Develops Sustainable Automatic Charging System

VOOL was founded in 2018 by Hindrik Kilter (CTO), Juhan Harm (CEO) and Sander Vahtras (CPO). The company is developing a triple-efficient and cost-effective automatic charging system. VOOL CEO Juhan Harm emphasized that the charging system they have developed is three times more efficient. Harm gave the example of devices such as water heaters and dishwashers used in homes and stated that although they connect with three-phase electricity, they cannot reach the full capacity of the network. He added that the automatic charging solution developed by his company has a sustainable and reliable system using three-phase.

With the investment, the company will accelerate the production of chargers. It will work to spread the automatic charging request in the European market. The company aims to install 20,000 charging stations by the end of 2023.