Inbalance grid together with Equite invests €1.5M in EV infrastructure development in Lithuania
The Vilnius-based Inbalance grid which offers intelligent electric vehicle charging solutions for businesses and grid operators participated in €1.5 million investment round to install 600 public charging points in Lithuania. The round was led by the Baltic private firm Equite.
- Inbalance grid was founded in 2019 by Aurimas Pauga, Nerijus Siaulys, and Simonas Stankus. It develops, designs, customizes, produces, and implements solutions that utilize existing electrical capacities and manage them through cloud-based software and controllers integrated into their charging points. The Inbalance grid currently has around 350 charging points and competes with Eldrive, the state network Ignitis On, and others.
- The fresh round was led by Vilnius-based investment firm Equite which invests across a range of alternative assets and is currently active in private equity and debt, venture capital, real estate, and instruments with a specific green-economy focus. Equite claims that all its projects contribute to the welfare of people, communities, and the wider world.
“We target a relatively small but important part of the market – the public infrastructure of AC medium power stations, which will provide users with the convenience of charging cheaper in the city after reaching their destination or recharging the car’s battery in convenient locations with more time,”says Equite partner Aurimas Sanikovas.
- All 1.5 million euros will be used for the development of “Inbalance Grid” in Lithuania. The funds will be sought separately for expansion abroad – primarily in Latvia, Estonia and Poland. To date, Inbalance grid has already attracted about €2.5 million in investments.