Danish software company Monta, which specializes in solutions for the electric vehicle (EV) charging industry, announced on Tuesday its expansion into the U.S. market, targeting one million connected charging points within five years.
The company’s CEO, Casper Rasmussen, relocated to Miami to lead Montaās U.S. operations and explained the timing of the move. “We’ve been looking for a while at the U.S. market, which has been a couple of years behind Europe for EV adoption,” Rasmussen told Reuters. “It’s a very large market, so we want to be there when it starts picking up.”
Montaās expansion follows a successful Series B funding round earlier this year, which raised 80 million euros ($87 million) to support research, development, and partnerships. Since its founding in 2020, Monta has secured 130 million euros in total funding.
The platform enables charging companies to manage their networks efficiently and offers consumer-facing apps that allow EV drivers to locate and book charging stations.
EV sales in the U.S. surged by more than 140% since early 2023, though infrastructure challenges persist due to an uneven rollout of public charging stations. The Biden administration, addressing criticism over the slow deployment of charging networks, announced $521 million in grants this August as part of a $5-billion EV infrastructure initiative launched in 2021.
Rasmussen noted that the market is seeing rapid growth, with regional charging firms racing to establish infrastructure. “It’s a race on who gets the most set up and who can make a profitable business,” Rasmussen said, adding, “Then in a few years, they’ll start consolidating.” In 2023, Monta reported a 600% increase in annual recurring revenue, supported by new partnerships, including with Siemens.
