EV charging company Monta has been building electric vehicle charging solutions to make it easier to charge electric vehicles everywhere. It started in Europe, but it just raised another $30 million from Energize Ventures, at a valuation of $155 million, to expand into the US market. The company has addressed one of the biggest bottlenecks to mass-market EV adoption: EV infrastructure.
“We are aiming to fully digitize the electric vehicle ecosystem to address all the immediate challenges in the industry and build towards a more transparent and flexible future. By partnering with a hardware OEM, we are able to deliver new features immediately, such as our new feature that allows operators to set a percentage of the spot price to track market volatility and automatically offer a fair price for battery charging,” Casper Rasmussen, Monta CEO, said in an interview with TechCrunch. “The investment from Energize and our returning investors is a strong vote of confidence in our vision, our team, and our software as the foundation of our future mobile infrastructure. .”
The company is working to digitize the EV charging ecosystem, with a charge management platform. The core issue the company tackles is the fact that an estimated 3,000 new public charging points are needed each week across Europe to catch up to the continent’s goal of one million charging points by 2025. be part of them; The limited customer experience for finding and accessing charging points is another matter – and the latter is where Monta shines.
“When I Having purchased my first electric car (Tesla), I discovered how fragmented and underdeveloped the charging infrastructure is. I left my job as the global CTO of a digital consulting firm where I oversaw 750 engineers on my teams and from a software development background I have seen opportunity to overcome a pervasive challenge plaguing the electric vehicle industry,” said Rasmussen. “Together with my co-founder, we have put together the initial pieces of the foundation of Monta, a software layer that connects all the points for moderators and owners.”
The current fundraising is led by Energize and brings the total investment in Monta to over $50 million.
“We were really impressed by Juan Muldoon and the entire Energize Ventures team’s understanding of the electric vehicle market when we first connected. For Energize, Monta represents their third investment in digital solutions to support the construction of EV charging infrastructure,” noted Rasmussen. “Compared to our conversations with other potential investors, the topics are on another level. We talked in depth about the challenges and opportunities with our software approach. To be honest, we have no plans to make a new investment, but from the start we can feel that this partnership is a very good match. Even over the past few months, we are confident that our decision to work closely with electrification professionals who understand the entire ecosystem was the right choice as we continue to scale. “
The company was initially reluctant to share its valuation, but eventually told me it had raised on terms valuing the company at $155 million.
“We will focus on product development in the near future. As more and more electric vehicles become available globally, we are planning to incorporate grid management services to facilitate the growth of vehicle-to-grid (V2G) and support the creation of local energy market. Currently, V2G is in its infancy, but allowing EV owners to resell excess power to the grid will be critical to energy resilience around the world – especially as We continue to battle extreme weather events. We envision a means-for-everything future and it’s exciting to shape that now,” Rasmussen outlines part of his strategy for the next few years. “For us, it is important to create more transparency in the industry, for both electric vehicle drivers and toll booth operators. Can I contact as a first time EV owner; I know users are still not fully informed about pricing before they start charging and sometimes encounter out-of-order charging points for no reason. On the other hand, charging point owners often lack a useful understanding of the problems and are therefore unable to fix them. At Monta, the goal is to fix that problem and make electric vehicle charging a simple and smooth process for everyone involved. “
There’s no doubt that there’s a lot of enthusiasm around the electric vehicle industry, but anyone who’s ever done long-distance road trips can attest, if you have to charge anywhere else. As your familiar location, things get complicated quickly. Many chargers no longer work, are poorly maintained, or you need some payment method and membership etc to be able to charge properly. Monta is struggling with a lack of existing infrastructure.
“The speed at which we are seeing the electric vehicle revolution come to life is astounding. However, the growth of the electric vehicle market still depends on the construction of the charging infrastructure – to support the expected production of electric vehicles, more than 1.6 million public chargers and 20 million chargers Private placement will need to be deployed across the US and Europe in just the next three years,” explains Rasmussen. “The current charger ecosystem is very fragmented, with lots of installers, charging point owners, and active OEMs. Today’s limits in EV charging infrastructure may prohibit application as range concerns make consumers more hesitant to purchase EVs. Since Monta’s solution is hardware agnostic, our software platform can help bridge the gap, enabling a simpler, more accessible, and more reliable future of EV charging “.