Eleport, an Estonian provider of electric vehicle charging networks, has announced the closure of a funding round from its current investors, Ambient Sound Investment and Gren. While the specific amount of the investment was not disclosed, Eleport has outlined ambitious plans to invest over €20M in 2024 and more than €100M in the upcoming years to expand its charging network.
The company aims to install 800 new charging points this year, adding to its existing network of 550 points across Poland, Lithuania, Latvia, and Estonia. This expansion will bring Eleport’s total number of charging points to over 1,350, significantly enhancing the availability of charging facilities for electric vehicle owners in the region.
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Accelerating Growth and Revenue
Eleport’s expansion plans represent a 145% increase over the previous year. With the current efficiency of the network and a pipeline of new projects, the company anticipates a remarkable year-on-year revenue increase of approximately 300% in 2024, signaling significant growth.
Raul Potisepp, CEO of Eleport, expressed confidence in the investment, viewing it as a testament to shareholder confidence and a catalyst for securing a stronger market position and fostering long-term relationships with key business partners. “Our aim is both to win new individual customers and to strengthen our presence in the B2B market, e.g., through new contracts with corporate fleet operators or agreements with large retail chains,” Potisepp stated.
Partnership with Bolt and Team Expansion
Following the announcement of a loyalty program in partnership with Bolt for ride-sharing service drivers, Eleport continues to modernize its charging network. Electric car drivers and fleet owners on Bolt’s platform can now receive a pre-activated Eleport discount card, offering savings on high-capacity charging.
Building a Modern Charging Network
Founded in 2016, Eleport is dedicated to building a modern charging network in the Baltics and Poland. The company’s stations facilitated over 100,000 charging sessions last year, resulting in a collective reduction of almost 1,300 tons of carbon dioxide emissions. In 2023, the estonian firm received €13.8M from the Connecting Europe Facility (CEF) program to develop and modernize its infrastructure, furthering its commitment to sustainable energy solutions.
With this latest funding round and strategic plans for expansion, the startup is poised to play a pivotal role in the transition to electric mobility in the Baltic region and beyond.
