Lithuanian electric mobility startup Inbalance grid raises €1.3M
02 March, 2023, 13:25
The Vilnius-based company Inbalance grid, which develops smart electric vehicle charging solutions and manages a charging network, has raised an investment of €1.3 million. The investment was co-led by the IISUTIB KŪB Business Angels Fund II, EIT, and the Civinity Group, Inbalance grid told AIN.Capital.
- Inbalance grid develops electric vehicle charging solutions and manages a network of more than 300 EV charging points in Lithuania. The company works with brands such as IKI Lithuania, SEB, Eika, Ozas, Darnu Group, Maxima, and others. Inbalance grid also operates in Latvia and Estonia, with plans to expand into the Polish market this year.
- Recently, Inbalance grid and the private investment firm Equite announced a joint investment of €1.5 million to install 600 public charging points in Lithuania. Also, Inbalance grid has already received investments from Contrarian Ventures, Coinvest Capital funds, and other private investors.
- The fresh round was co-led by Vilnius-based Business angels fund II which invests into innovative and export-oriented companies in Lithuania, the Spanish electric mobility fund EIT, and Civinity Group, one of the largest building maintenance and engineering solutions groups in the Baltic region. Lithuanian investment firm Orion Securities helped to find more investors.
“With this investment, we have been able to strengthen our expertise. By bringing in specialists who develop innovations in the real estate industry, who have experience in Poland and want to share it, we can more quickly implement our strategic development plans. And of course, we can increase our competitive advantage by continuing to develop solutions based on the IoT,”Simonas Stankus, Inbalance grid co-founder and CEO commented.
- Inbalance grid plans to use the newly raised investment to maintain its technological advantage and further develop technologies in a limited network.
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