Eleport expands into Latvia with investment backing from Scandium and Skype founders

Eleport expands into Latvia with investment backing from Scandium and Skype founders

Eleport, one of Estonia’s largest electric vehicle charging platform developers, plans to expand its public charging network to Latvia later this year. To execute the plans, this summer nearly €1 million was raised from Ambient Sound Investment (ASI), an investment fund established by Skype’s founders, and Scandium Kinnisvara.

ASI, already being a shareholder in Eleport, became a biggest shareholder in the company as a result of the additional capital injection. According to Tauno Tats, CEO of ASI, Eleport’s experienced team, with the support of the previous financing, has successfully established a charging network in Estonia that will meet the daily needs of electric cars in Tallinn and when travelling between major cities.

“This is just the beginning, as the electromobility market is set to grow exponentially in the coming years and Eleport is well positioned to grow into the largest charging platform in the Baltics by developing at the same pace,” added Tats.

According to Raul Potisepp, CEO of Eleport, following modest forecasts, the share of electric cars in Estonia is expected to grow to 100,000 cars by 2030 due to the impact of EU regulations. “This means that the number of electric cars will increase 50-fold in less than a decade, and all of these cars will need to use public charging points at some moment. Our biggest goal is to make climate-friendly transport accessible to all.”

“There are currently more than 300 public charging points in Estonia and the situation in Latvia is currently not much better. However, the real market need in the Baltic States in 10 years’ time will be for at least 30,000 public fast chargers and even more semi-fast chargers,” Potisepp added.

According to Jaak Roosaare, partner at Scandium Kinnisvara, having participated in the latest funding round, the investment fits well with their view of green energy being the near future, if not the present. “The Eleport team has proven over the years that they know how to offer a full service charging platform and outperform their competitors. As investors, we would like to see them now, backed by investment, hit the gas and develop their services across the Baltics.”

Eleport is a technology-driven company focused on developing charging networks in every segment – at home, at work and on the move. In addition to the development of its own infrastructure, Eleport’s charging platform enables the connection of a personal charger to Eleport’s charging network, thereby offering a charging sharing service.

Eleport’s charging network currently has 104 public charging stations, of which 34 are fast chargers and 70 are semi-fast chargers. Eleport’s charging stations use only renewable energy. In addition, Eleport is active in the sale and maintenance of charging equipment and full-service rental of electric cars.