Finnish electric vehicle (EV) charging platform, Virta, has secured €85 million ($95 million) in growth funding from its existing investors, including E.On, to expand its charging platform and vehicle-to-grid (V2G) technology. The company plans to grow fivefold in Europe and Asia over the next two years. Virta CEO Jussi Palola stated that the EV charging platform is crucial for companies building global charging services, and the fresh funding will enable the company to secure the best growth capabilities for its partners.
Apart from E.On, other investors, including Helen Ventures, Vertex Growth Fund, Finnish Industry Investment, Lahti Energy, Vantaa Energy, Jolt Capital, and Kotka Energy, have made €65 million available. Virta will also receive €20 million from Business Finland, which offers innovation funding for companies and research organizations.
Virta claims that over 1,000 businesses in 35 countries run their EV charging services on its platform, forming one of the biggest public networks in Europe, which counts over 350,000 charging points when including roaming. With the fresh funding, Virta aims to grow its charging transactions by more than fivefold in Europe and the Asia-Pacific region by 2025.
Moreover, Virta’s backers believe that EV batteries on the platform could hold 12,000-15,000 MW of energy by 2025, equivalent to ten nuclear power plants, as EV batteries will represent up to 90% of Europe’s total battery storage capacity by 2030. Connecting this battery capacity to the grids and adjusting EV charging consumption in real-time are seen as one of the biggest enablers for the renewable energy transition.
Virta has one of the leading platform patent portfolios, with a focus on energy technologies such as V2G, autonomous vehicle charging, and operating complex billion-scale network operations. Jolt Capital’s CEO, Jean Schmitt, added that Virta had demonstrated “a rare ability to combine hypergrowth, technology leadership and mature operations, enabling sustainable, profitable scalability.
See also: Nuvve partners with SDG&E to allow electric school buses have Vehicle-to-Grid (V2G) feature
In conclusion, Virta’s latest funding round will help the company strengthen its position as a global leader in EV charging platforms and V2G technology. As more countries shift towards renewable energy, Virta’s platform could play a crucial role in connecting EV batteries to the grid and enabling the transition to a more sustainable future.
