Chargepoly is raising €15 million to deploy its ultra-fast electric charging solutions in Europe and the United States
Chargepoly, a company specializing in ultra-fast electrical charging solutions, is announcing the successful completion of a fundraising round with its existing industrial investor Fidève Groupe and Voltalia, an international renewable energy player. With this €15 million Series A funding round, the company will speed up the deployment of its solutions for the most demanding markets, such as logistics and public transport.
After raising funds in 2020 and 2021 from private investors (Vermeer Investissement, A-Venture and Fidève Groupe) and public finance institutions (Bpifrance and Région Sud Investissement), Chargepoly is developing further with this €15 million Series A funding round. The company has chosen to join forces with Voltalia, an international renewable energy producer and closely complementing Chargepoly’s business. Voltalia, along with Chargepoly’s existing partner Fidève Groupe, subscribed to this Series A as shareholders of the company, alongside its founder.
"With the funds raised at this round, we will expand our range of products and services and support the transition to electric vehicles for as many business clients as possible in Europe and North America," enthuses Hadi Moussavi, Chairman and Founder of Chargepoly. "We're delighted that a leader in energy transition like Voltalia has joined us on this occasion. Together, we will become stronger to support the transition to electric transport worldwide".
Thomas Vanquaethem, Vice-President of Chargepoly, shares this ambition: "We have a proven ultra-fast charging solution that is among the most performant and evolutive on the market. Our expertise spans the entire value chain, relying upon solid technological and industrial sovereignty through internalized conception and a French manufacturing ecosystem. We want to expand our target markets to include bus fleets and public mega-hubs, while continuing the mass deployment of our solutions for the logistics market."
A range of services to meet the challenges of electrification in the transport and logistics sector
With the increasingly rapid electrification of the transport sector, depot fleet managers and public mega-hub operators face major challenges in ensuring a high level of service while keeping investments and operational and energy costs under control.
Established in 2019 and gathering an experienced multidisciplinary team of more than twenty employees, Chargepoly designs tailor-made solutions for deploying Electric Vehicle Charging Infrastructure (EVCI) projects from A to Z. In addition to the sale of equipment and licenses for its hypervision platform, the company also offers a range of services tailored to client needs: design studies, construction supervision, operation & maintenance services and also lease and financing services.
Technological innovation at the core of a high-performance solution
In partnership with Vedecom Institute, the company worked for three years to develop a high-performance solution to meet the challenges of the sector. Chargepoly's smart and scalable multi-patented system enables power conversion to be pooled in remote units. These units convert alternating current from the grid into the direct current needed to recharge batteries before dynamically distributing the electricity among compact modular satellite terminals.
An ingenious planning algorithm distributes power in sequence to the charging stations, taking numerous operational and economic parameters into account, such as electricity costs, local energy production, arrival and departure times and vehicle charging capacity.
Faster geographical and technological development through the raised funds
The success of this €15 million fundraising round provides the company with the resources it needs to speed up its deployment in Europe and North America and to scale up and extend its range of products and services.
Specifically, Chargepoly is planning to strengthen its sales and technical teams (particularly in R&D) by recruiting about a hundred new employees over the next few years in these regions. At the beginning of the year, this Aix-based company opened a center in Seattle in the USA, aiming to offer its products and services by forging strategic partnerships with local players.
Ultimately, the operation will enable the company to extend its product range and strengthen its production model to support its growth. By the end of the year, Chargepoly is planning to install a dozen private hubs accounting for several megawatts of installed power, with the promise of delivering maximum, reliable charging power to the right vehicle at the right time.
For this Series A round, Chargepoly received advice from BNP Paribas (as financial advisor) and EY Ventury (as legal advisor).
Established in 2019 by its Chairman and Founder Hadi Moussavi, Chargepoly is a French industrial technology company with a mission to speed up the electrification of transport through innovation. The company designs, builds and operates a new generation of fast-charging infrastructures for the most demanding markets such as logistics, business fleets and public mega-hubs.
Suitable for intensive use, its multi-patented technology takes its clients' performance challenges, user fluidity needs and energy supply constraints into account with an unrivaled level of reliability and scalability. Chargepoly provides tailor-made solutions for turnkey EVCI projects, including the sale of equipment and licenses and a wide range of services up to and including station operation.
Chargepoly has already supplied major electric truck manufacturers and road hauliers and has deployed public hubs in Clermont-Ferrand and Aix-en-Provence. The company has signed a framework agreement with a global supply chain leader to equip its European depots. It hopes to expand in Europe and North America.
Chargepoly won a prize in the "mobility" category at the CES trade show in Las Vegas in 2022 and was a finalist for the INPI awards. Its partners include Institut Vedecom, the Sprint Project and AVERE France.
With its head office at the Technopôle de l'Environnement in Aix-en-Provence, the company currently employs more than twenty engineers and sales staff in France and the United States (Seattle).
Julien Eloy, WEPA Agency
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