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Sustainable Business 2021

How 30 M€ investment enables Virta to grow amidst global EV revolution

Many countries understand the positive effects of EVs and are introducing incentives for switching to e-mobility as a result. Picture: Virta

The global electric vehicle (EV) market is experiencing rapid growth, now more than ever. As the Sustainable Development Scenario suggests, in the year 2030, 230 million EVs are predicted to be roaming the roads globally.

That is exponential growth compared to the current 10 million EVs. Virta, the leading EV charging platform company, supported by a recent closing of a 30 M€ investment round, is ready to grow and expand further amidst the global EV revolution.

Growing popularity

Electric vehicles have been gaining popularity for years, but the year 2020 was especially significant. The global electric car stock reached 10 million units, 41% higher than in 2019. Despite the Covid-19 pandemic and the overall car sales dropping, the EV market growth has surged immensely.

Picture: Virta

Such growth can however be expected. The CO2 emissions caused by road transport are one of the biggest polluters in Europe. Electric vehicles can lower CO2 emissions, lower the effects of global warming, and therefore help us reach our climate goals. Many countries understand the positive effects of EVs and are introducing incentives for switching to e-mobility as a result. The goal? Mass adoption of electric vehicles!

Virta, recently named one of the fastest-growing companies in Europe, had a mission since its establishment in 2013, to bring electric vehicles into people’s everyday lives and our energy system. Over the years, Virta has secured itself in the EV market as a leading technology solution, connecting all the key players in one EV ecosystem.

Raised funding makes expansion possible

Virta is equipped with talented industry experts and patented innovations, ready to expand its services on a global level. Recent significant funding of 30 M€ by major tech investors from Europe and Asia is the catalyst for Virta’s further growth.

The market share growth, together with the technological advancements, calls for major investment to enable the implementation of new standards and innovations, and to ensure a secure and reliable customer experience.

“Growth company relevance equation is the intelligence of the solution multiplied by capital leverage,” says Jussi Palola, CEO of Virta.

Jussi Palola. Picture: Virta

Virta has been a global digital company since day one. Currently, Virta is established as one of the leading players in Europe, looking for new possibilities to expand. Vertex Growth, a Singapore based venture capital firm and one of the main investors of the recent investment round, provides Virta with the possibility to expand into new markets, specifically Asia.

The launch of Virta operations in Asian markets had already started in 2020 with Japan as a spearhead when ENEOS Corporationcompleted an investment in Virta and started valuable cooperation. The most recent investment round takes the expansion possibilities even further beyond Japan.

Virta plans to invest heavily in new technology, which is a fundamental part of further growth. When entering a new market, different levels of technology needs such as service and payment preferences might arise. Virta is prepared to accommodate these different needs by focusing more effort on cutting-edge technologies of the future.

Extensive EV charging network in the making

The mass adoption of electric vehicles calls for a robust EV charging network. The biggest need for charging remains in private locations such as homes and workplaces. However, the more mainstream EVs become, the more there is a need for the public EV charging network. Soon, EV drivers’ behavior will depend on the availability of EV charging, meaning if they can charge at a destination, they will stop there and eat, shop, or sleep.

Picture: Virta

Virta empowers a multitude of regional partners from various business industries to contribute to building a wide EV charging network. The biggest effort is put into providing businesses with an easy solution, to establish and scale up their EV charging business alongside their regular service offering.

“Virta platform is used to operate one of the largest public EV charging services in Europe. Relying on our experience and our proven service solution is a safe bet,” says Palola.

Running an EV charging business is more complex than it may seem. One of the main objectives for Virta is to ensure that our customers do not need to care about these complexities. Our solutions offer an easy and reliable way to run an EV charging business without having to worry about anything else. Seamless customer experience is at the forefront of Virta’s priorities.

Seamless customer experience is at the forefront of Virta’s priorities.

“The world of EV charging must be fluent and reliable for EV drivers and also for the businesses,” adds Palola.

Even though big progress has been made in this sense, according to Palola, there is still a way to go in making robust reliable charging networks widely available and ensuring sufficient charging possibilities for places with a high volume of electric vehicles. In general, empowering business partners to prosper is Virta’s core profession.

Discover how Virta can help you launch, operate and scale an EV charging business!

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