The startup hopes to save costly upgrades to power grids by maximising what’s already in place for EV charging
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Spotted: To get fossil-fuel-powered cars off the road, Europe needs more electric vehicles (EVs) – and with them, many more electric chargers – to take their place. However, this is easier said than done. To meet rising demand, the number of charging stations must increase from an estimated 375,000 available in 2021 to at least 3.4 million public chargers in the EU-27 by 2030 – requiring massive upgrades to the existing grid infrastructure. This costly and time-consuming process could be avoided, though, by using VOOL’s EV charging solutions that make the most out of our current power grid.
By switching automatically between three phases of electricity, VOOL can take advantage of the full capacity of the grid, making its charging three times as efficient. Through its software, VOOL’s technology facilitates maximum cost-efficiency by tracking electricity prices to guarantee the EV is charged as cheaply as possible within the set time frame, saving drivers up to 90 per cent on charging costs. Plus, housing developers can dodge extra expenses linked to infrastructure upgrades and new charging spots.
Former President of Estonia and angel investor of VOOL, Kersti Kaljulaid, explains: “We can build rougher power grids to satisfy the increasing demand, but that would be unsustainable. It is better to find a way to best use the already existing main fuse. That is what VOOL does.”
The startup has raised €1.7 million in a seed funding round led by Specialist VC. With this funding, VOOL plans to increase the production of its chargers and is currently on track to install 20,000 charging stations by the end of 2023.
Springwise has recently spotted other innovations that seek to improve EV charging, including wireless charging for E-buses in China, and a new charging system that improves reliability, scalability, and cost-effectiveness.
Written By: Georgia King