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EVUM Motors Charges with €20 Million Funding Boost for Electric Utility Vehicles

The Munich-based startup has clinched a €20 million funding jackpot, spearheaded by the European growth PE firms
By Josefina Dipaolo
December 22, 2023

In the dynamic realm of electric utility vehicles, EVUM Motors is gearing up for significant strides, backed by a €20 million funding injection led by European growth deep tech PE firm Jolt Capital. The Munich-based startup, known for its innovative aCar, seeks to revolutionize electric mobility and energy efficiency, especially in emerging markets.

Established in 2017 by Martin Šoltés as a spin-off from the Technical University of Munich, EVUM Motors has swiftly become a driving force in the electric utility vehicle market. The company's flagship offering, the aCar, is an all-electric commercial vehicle designed for simplicity, robustness, and environmental friendliness.

With production commencing in late 2020, the aCar has already made a significant impact, delivering close to 1,000 vehicles to niche markets such as municipalities, agriculture, and industry. As regulatory demands and public pressure intensify for the electrification of utility vehicle fleets, EVUM Motors stands at the forefront of this transformative shift.

The recent €20 million funding round, spearheaded by Jolt Capital and supported by Bayern Kapital and existing investors, positions EVUM Motors for accelerated growth. The investment will fuel the company's mission to offer robust electric vehicles integrated with smart energy solutions.

Martin Šoltés, CEO of EVUM Motors, emphasized the significance of this investment, stating, "This investment is a clear sign that our vision of electric mobility and eWork will shape the future. It’s a crucial step in taking EVUM to the next level." The partnership with Jolt Capital, recognized for scaling responsible deep tech companies, aligns with EVUM Motors' commitment to advancing smart energy solutions and contributing to the electricity transition in transportation and work.

EVUM Motors' commitment to building a sustainable and efficient electric mobility ecosystem receives a substantial boost with the strategic €20 million funding. As the company expands its production capacities, enhances smart energy solutions, and broadens its geographic footprint, EVUM Motors emerges as a key player in shaping the future of electric utility vehicles.

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