[ad_1]
The venture capital fund Koinvesticinis fondas, together with Contrarian Ventures and business angels, is investing in the Lithuanian In Balance grid, which is developing smart charging solutions for electric vehicles for companies and network operators.
The total investment in the In Balance network amounts to 950 thousand LTL. Eur. The largest investment, 600 thousand. Eur, the start-up was led by Koinvesticinis fondas, which invests together with business angels. Mantas Mikuckas, co-founder of Vinted, who has achieved unicorn status, and Ernestas Petkevičius, one of the business angels, have also invested in the In Balance network.
2019 Founded in 2006, In Balance grid develops smart electric vehicle charging solutions for companies and network operators using cloud computing software. Innovative boot software solutions provide functionalities that will be especially important for the electric vehicle charging infrastructure in the future. This includes the ability to balance network capacity, integration with third-party hardware and software, payment solution providers, and managing electricity demand under heavy network load. The founders of the company are Nerijus Šiaulys, Aurimas Pauga and Simonas Stankus.
“Charging infrastructure for electric vehicles will be crucial to achieving the EU goal of gradually reaching 2050. moving to a climate neutral economy. Therefore, we appreciate the opportunity to invest in the In Balance network and therefore Support your team. This investment is the first of the financial instrument of our Transport Co-Investment Fund, which is intended for the development of transport, “says Viktorija Vaitkevičienė, Director of the Co-investment Fund.
She adds that the decision of the Co-Investment Fund to invest in the company depended largely on the strong team of co-investment angels and the Counter Risk Fund.
“We have all heard about Lithuania’s progress in the field of financial technologies. This success story inspires and motivates us to strive to make our country a leader in the smart energy sector as well. The continued decarbonisation of the energy sector worldwide illustrates that technologies and products that still look like niches today will become part of everyday life in the near future, and the biggest winners will be those companies and countries that are already directing investment in these future technologies. We are convinced that they will count not only financial but also long-term strategic benefits in the near future ”, says Rokas Pečiulaitis, Executive Partner of Contrarian Ventures.
