Estonian EV charging solution VOOL raises €300k to support its growth

The Tallinn-based electric vehicle charging solution VOOL raised €300,000 and partnered with Estonian Alexela. The capital will be used to support the startup’s infrastructural and technological growth.

  • VOOL was founded in 2018 by Juhan Härm, Sander Vahtras, and Hindrik Kilter. The startup develops a full EV charging system. According to the startup, VOOL’s software enables cost-effective charging based on power market pricing, making the move to electric vehicles simple and affordable for businesses and individuals.
  • Headquartered in Tallinn, VOOL operates with a team of 44 members and supports customers across the Baltic countries as well as Finland, Sweden, Norway, and Denmark. In 2023, the startup secured €2.9 million in a funding round led by Specialist VC.

Investment details

  • The fresh round was led by the Estonian energy firm Alexela, which develops a sustainable network of service stations through the creation of biomethane, LNG, electricity and, in the near future, hydrogen filling up facilities. The company launched an LNG terminal in Hamina (Oct 2022), Finland, and develops a renewable energy hydropower storage facility called Energiasalv in Paldiski. Furthermore, the energy company has 40 convenience stores.

Alexela joins VOOL as an investor and starts offering VOOL chargers, load management devices, and software as part of their turn-key solution to both business and private customers,

VOOL commented on the investment.

VOOL plans to accelerate its development to accommodate the estimated 80,000 electric vehicles expected on Estonian roads by 2030.