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Finnish EV charging firm plans to enter Indonesian market in 2 years
Aside from Virta, South Korea-based EV charging firm Daeyoung Chaevi signed an MoU with Indika Energy last month to expand its exports to Indonesia.
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Virta CEO Jussi Palola (Virta/-)
V
irta, a Finland-based electric vehicle (EV) charging company, has raised 85 million euros (US$93.8 million) in a funding round led by French private equity firm Jolt Capital.
The company said it aimed to use the fresh infusion to expand into Indonesia, Malaysia and Vietnam in the next two years.
It also plans to grow transactions at its charging stations by more than five times in Asia-Pacific and Europe, as well as increase its total capacity to 15,000 megawatts (MW) by 2025 from current figure of around 2,000 MW.
Virta's existing investors, which include the Singapore-based Vertex Growth Fund, the E.ON-backed Future Energy Ventures, Helen Ventures, Finnish Industry Investment, Lahti Energy, Vantaa Energy and Kotka Energy, contributed 65 million euros to the funding round.
The complement of the funding was provided by the Finnish government's investment arm, Business Finland.
"The EV charging platform is mission critical for companies building global charging services. Our strong financial position enables us to secure the best growth capabilities for our partners," Virta CEO Jussi Palola said in a statement on Tuesday.
Read also: Yearender 2022: Charging the Indonesian EV battery megaproject
