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VOOL raises €300k
09 May 2024·2 min read

Joy Laoun

News Editor, Vestbee

Estonian EV charging startup VOOL raises €300k from Alexela

Tallinn-based electric vehicle charging solution VOOL has 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. 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 €3 million in funding led by 2022 Horizon to expand its team, finalize the initial product line, and grow its operations in Estonia.

Details of the deal 

  • The funding round was backed by Alexela, an energy firm founded in 1990 that employs 1,000 people. Alexela has created a public charging network that currently includes about 220 charging outlets in Estonia. It provides consumers with electricity, natural gas, cylinder and tank gas, as well as motor gasoline.

“Together with VOOL, we will start offering a turnkey EV charging solution for both private and business customers. From Alexela, a client can get everything needed for EV charging from one provider, including electrical connection, the installation of a charger and load manager device, and VOOL’s smart software, which allows for cost-effective charging following electricity market prices,” Head of E-Mobility at Alexela,Kristjan Suurorg, commented.

  • With the raised funding, VOOL plans to accelerate the development needed to accommodate the estimated 80,000 electric vehicles expected on Estonian roads by 2030. 
  • Both VOOL and Alexela aim to contribute to the infrastructure and technological advancements required for the widespread adoption of electric vehicles in Estonia.

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