Profitable growth with a factor of four in 2022 – EcoG starts international scaling. The Munich-based e-mobility start-up closes Series A financing round with €6 million.
The vision of EcoG is to empower the world‘s electric vehicle (EV) charging network with technology to enable fast charging infrastructure growth and to contribute to an emission-free mobility for everyone. To accelerate this vision, EcoG has brought on board new investors BayBG Venture Capital and Lindner Group in a Series A financing round. The existing investors Ananda Impact Ventures and Helen Ventures further increase their investment in the pioneer of development of operating software for charging stations. The remarkable achievements of profitability and a quadrupling of quarterly sales compared to the previous year demonstrate the strong position and momentum of the fast-growing tech company and lay an excellent foundation for further scaling, growth and internationalization in 2023.
Since 2017, EcoG has been at the forefront of innovation in EV charging. As core member of CharIN, it has been a leading force in pioneering and shaping industry standards. EcoG enables leading charging station manufacturers to develop DC charging stations quickly and cost-effectively. Within the last year its customer base has doubled and includes market giants such as Siemens and i-Charging.
The charging technology and operating system solution EcoG | OS can be used modularly as hardware-software or software-only solution to develop and run DC chargers of any kind. Over 15 different manufacturers already rely on EcoG for more than 24 different charger series. Also established charging station manufacturers have started to rely on the EcoG | OS thanks to its higher robustness, faster time-to-market and superior functionality over in-house developments. Within just over two years, EcoG has thus achieved a market share of 10% in Europe. The EcoG ecosystem with more than 50 partners opens up countless options for individual product implementation.
With the fresh financing, EcoG is not only advancing its business in Europe and India, but above all expanding its market presence in North America. EcoG accelerates its customers worldwide in the go-to-market as well as the scaling of their own production of DC charging stations and thus makes a significant contribution to the faster rollout of EV charging infrastructure. Additional innovations based on the EcoG | OS are already in the pipeline which will make charging of e-vehicles even more reliable, integrated, scalable, convenient, sustainable and profitable.
From Jörg Heuer, CEO of EcoG:
“EcoG’s success is built on the synergy of our ecosystem partners and the passion and drive of our highly motivated global team of EV charging technology experts and innovators of 14 nationalities. As pioneers and thought leaders in the field of EV charging, we have traveled a focused and successful path to profitability since our launch five years ago. Together, we now strive for a 30% market share. And we will return to our roots in Detroit in 2023 to continue to shape the North American market locally.”
From Andreas Heubl, Investment Manager, BayBG:
“EcoG has become the dominant operating system for DC charging stations within a few years and provides charging station manufacturers with an outstanding software technology solution. The well-known customers, the strong ecosystem as well as the enormous growth of EcoG speak for themselves. Accordingly, we are very pleased to accompany EcoG as an investor in its international scaling.”
From Sven Matzelsberger, Lindner Group:
“EcoG’s journey so far has been impressive and we look forward to working with one of the leading developers of an operating system in a very forward-looking area of application in the future. For Lindner, the topic of sustainability and conservation of resources has always been a big focus and has been firmly anchored within our vision of “climate-neutral production” since 2008. Thus, the cooperation with EcoG fits perfectly with our philosophy. We see EcoG as a company that will deliver high value in the field of electromobility on a global scale.”
From Florian Erber, Managing Partner and Founder, Ananda Impact Venture:
“Transport is a major contributor to the EU’s carbon emissions, accounting for a staggering 22 %.
EcoG is a really important solution in decarbonising transportation and the company is run by the
strongest people in the industry. With this latest round of investment, the company will be able to
create an even more positive impact internationally.”