14/07/2022

LitCapital announces an investment into Lithuania-based award-winning electric vehicle (EV) charging technology designer and manufacturer Elinta Charge to support the expansion and development of state-of-the-art EV technology and the company’s vision of durable e-mobility.

Elinta Charge designs and assembles EV charging stations for commercial and residential use. The company provides charging stations for individuals, fleet managers, as well as operators of public spaces, offices, hospitality and other facilities in over 25 countries worldwide. By offering cloud-based software as part of the product, Elinta Charge provides a comprehensive, universal and durable EV charging solution. The company’s mission of enhancing the e-mobility infrastructure within cities without compromising the aesthetics and functionality received public recognition in 2018, when the CityCharge V2 station earned Elinta Charge the prestigious RedDot award for Product Design.

“While Elinta Charge has registered outstanding growth to date, the potential in the EV technology space is still far from tapped. With the growing support of individuals, businesses and regulators, electric vehicles are becoming an increasingly inevitable part of our daily lives. This is an exciting market to be in, and our focus on refined design and sophisticated technology offers a functional yet elegant solution, capable of meeting the needs of even the most discerning clients,” – comments Ignas Mikutis, Founder and CEO at Elinta Charge. “With the financial support of the investors, as well as their expertise and network, we stand ready to embrace the lucrative EV technology market opportunity, simultaneously improving green infrastructure within communities.”

“In addition to the outstanding achievements of Elinta Charge, and their ability to successfully navigate this technologically dynamic market, LitCapital’s investment is motivated by sustainable green mobility trends and the growing overall prominence of electric vehicles. We see high fragmentation within the European electric vehicle market, which is currently entering the consolidation phase. Considering solid market potential, coupled with our strong belief in the engineering talent of Elinta Charge and the outstanding product they have built, we are extremely glad to be able to join as investors,” – comments Šarunas Šiugžda, Founder and Managing Partner at LitCapital.

The investment will be used to expand the team and to bolster the company’s R&D and marketing capacity, thereby supporting expansion in new and existing markets as well as across product groups. The round proceeds will also be used to develop fast DC chargers, an inevitable leap forward for the company as a provider of EV charging technology. Further funding rounds are planned in the future.