Estonian the start-up “VOOL” has attracted 1.7 million euros as a seed investment, obtaining a total funding of 4.7 million euros. The collection of investments was led by the venture capital fund “Specialist VC”, attracting several important investors, including the former president of Estonia, Kersti Kaljulaid.
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By 2030, Europe will need 29 million private electric car charging stations, according to a study conducted by the company “McKinsey”. This is 77 times more than the 375 thousand charging stations available in 2021. Consequently, serious changes to the existing electrical network will also be necessary to distribute electricity to the new charging points.
The charging solution for electric cars created by “VOOL” uses the existing power grid three times more efficiently, without causing overload and providing a reliable and cost-friendly charging alternative for both business and private customers.
“Our solution uses the existing power grid three times more efficiently,” says Juhan Harms, co-founder and CEO of VOOL. “Currently, the electrical appliances in the home – the dishwasher, the charger and the kettle – only have access to a fraction of the power of the mains, even though all of Europe has three-phase electricity. We use all three phases and automatically switch between them when needed. This allows us to offer a reliable and sustainable automatic charging of electric cars,” explains Harms.
In addition, “VOOL” also provides cost efficiency. The created software keeps track of electricity prices on the exchange and ensures that the electric car is charged at the moment when the price is the lowest during the specified time period. “Such a solution can save up to 90% of charging costs,” emphasizes Harms. “What’s more, real estate developers can avoid additional costs that may arise from infrastructure improvements or the construction of new charging stations,” the company representative explains.
The former president of Estonia and one of the investors of “VOOL”, Kersti Kaljulaida, is confident about the solution created by the company. “I invest in companies that operate in industries that I know and that create real things that are in demand. I don’t support solutions that are still looking for a niche and a problem to solve. But VOOL is nothing to worry about. You can’t to deny that the demand for electricity is increasing. This problem exists. Therefore, the company just needs to create a product to solve this problem and which is better than what the competitors offer,” explains Kaljulaida.
In addition, she also praises the idea proposed by “VOOL”. “We can build a larger power grid to meet the growing demand for electricity, but that won’t be sustainable. It’s smarter to find solutions that can be used with the existing infrastructure. That’s what VOOL has done. If we’re being honest, the company’s product is so simple, that I wonder why no one had made it before.”
One of the largest bus companies in the Baltics, Hansabuss, is also appreciative of the product offered by the start-up company, which, thanks to the introduced solution, is able to save part of the charging costs of its fleet. “The cooperation with VOOL allows us to test more sustainable options for passenger transport, while maintaining our current company premises without major infrastructure changes. We have installed VOOL charging devices in the homes of bus drivers so that buses can be charged there. In addition, drivers do not have to worry about additional expenses or documentation – invoices for the consumed electricity are automatically sent to us, and the company pays them,” Sergejs Vahnitskis, member of the board of “Hansabuss”, shares his experience.
With the obtained financing, “VOOL” plans to increase production and spread on the European market. The company has committed to installing 20,000 charging stations by the end of 2023.
The fundraising was led by the venture capital fund “Specialist VC”, with the participation of the former president of Estonia, Kersti Kaljulaida, the first employee of the company “Pipedrive”, the current employee of “VOOL”, Elar Nellis, the former Chief Information Specialist of Estonia, known as “e-Residency” programs founder, Tavi Kotka, entrepreneurs Justin Jenk and Thomas Kouhkna, companies “Opus 11 VC” and “Startup Wise Guys” and other investors.
“VOOL” was founded in 2018 by energy experts Juhan Harms (CEO), Sander Vachtras (Chief Product Officer) and Hindrik Kilter (Chief Technology Officer). Currently, “VOOL” operates in the Baltics, Finland, and the company has 30 employees.
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