Estonian startup Eleport, a leading provider of electric vehicle (EV) charging networks, has raised funding from existing investors Ambient Sound Investments and Gren. The Estonian company aims to expand its charging network significantly by opening over 1350 charging points across Poland, Lithuania, Latvia, and Estonia this year alone.

The company is gearing up for a groundbreaking year in 2024, with plans to invest over €20 million in the coming year and over €100 million in the years to come.

Eleport is committed to expanding its electric vehicle charging infrastructure by adding 800 new charging points to its existing network of 550, bringing the total to over 1350 charging points by the end of the year. These expansion plans would represent a remarkable 145% increase over the previous year.

Taking into account the existing network efficiency and the current pipeline of new projects, the company anticipates also a remarkable year-on-year revenue increase of around 300% in 2024, reflecting a significant growth trajectory.

Raul Potisepp, CEO of Eleport, expressed confidence in the investment, viewing it as a testament to shareholder confidence and a catalyst for securing a stronger market position and fostering long-term relationships with key business partners. “Our aim is both to win new individual customers and to strengthen our presence in the B2B market, e.g. through new contracts with corporate fleet operators or agreements with large retail chains,” said Raul Potisepp, CEO of Eleport.

Key shareholders, including Gren and the co-founders of Skype investment firm Ambient Sound Investments, decided to strengthen their financial commitment to the company due to ambitious plans and projected growth rate.

“The current level of development of the charging infrastructure does not yet meet the growing demand caused by the increasing number of electric cars. This is one of the reasons why, in addition to developing our network in Poland and the Baltic States, we are actively exploring opportunities to enter new markets, and thus, we are evaluating opportunities to develop our sustainable transport solutions in five potential markets: Romania, Hungary, Croatia, Slovakia, and the Czech Republic,” added Potisepp.

Eleport is set to increase its team size by 40% to support its ambitious goals and expansion plans.

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