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September 11, 2023

VOOL Powers Up the Future of EV Charging with €1.3M Seed Investment

Europe's Electric Revolution 29 Million Charging Points Needed by 2030 – A 77x Surge

As the world races toward a future dominated by electric vehicles (EVs), a profound challenge emerges: the need for charging infrastructure. According to McKinsey, Europe is set to require a staggering 29 million private charging points by 2030—a 77-fold increase from the current availability. In this electrifying landscape, Estonian startup VOOL is a beacon of innovation, enabling real estate developers to sidestep costly infrastructure upgrades and swiftly adapt to the energy transition. Now, fueled by an additional €1.3 million in seed investment, VOOL is charging ahead to reshape the EV charging industry.

In a dynamic funding journey, VOOL has secured a total of €7.62 million, building on a recent €1.62 million grant. This latest investment round, spearheaded by Specialist VC, unites influential real estate developers such as Kaamos Group and Astri Group, alongside investment firm Amalfi. New angel investors, including Taavi Veskimägi and Kuldar Väärsi, have also joined the electric charge. Notably, VOOL's own employees have made a significant contribution, constituting 15% of the investment round.

VOOL's journey boasts a remarkable roster of angel investors, including former Estonian President Kersti Kaljulaid, Taavi Kotka (the first CIO of Estonia and founder of the e-Residency program), and Elar Nellis (the first employee of Pipedrive and VOOL's current Chief Architect).

This strategic infusion of capital is poised to supercharge VOOL's EV charger production at its local factory to meet surging customer demand. Simultaneously, the startup aims to bolster its international sales presence and customer support team across Nordic countries. As it marches forward, VOOL remains committed to pioneering new products that leverage its three-phase technology for household applications.

Juhan Härm, Co-founder and CEO of VOOL, elaborated on the company's unique approach "Currently, you still have access to only a fraction of the full capacity of the grid, even though the whole of Europe is connected to three phases of electricity. We use all three phases and automatically switch between them when needed. This way, we can offer reliable and sustainable automatic charging. We just recently started serial production and the first chargers have now been sent out to customers."

Founded in Tallinn, Estonia, in 2019, VOOL stands at the forefront of EV charging technology. Their ingenious approach harnesses the existing grid's potential threefold more efficiently than the industry average, delivering dependable and cost-effective charging solutions for businesses and private users alike. By facilitating smart charging without necessitating major grid upgrades, VOOL aims to slash charging costs by up to 90%, making the transition to green energy smoother, more cost-effective, and hassle-free. Importantly, VOOL's system remains compatible with all vehicle models, chargers, and software solutions.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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