STOCKHOLM, Nov. 18, 2021 /PRNewswire/ -- ChargeNode, a green tech company that eliminates the need for traditional EV chargers, has raised 115 MSEK from Formica Capital to accelerate Swedish and international expansion. ChargeNode fits very well into Formica's focus on fast-growing companies with climate-effective solutions for properties, being Formica's fifth investment in this segment.
ChargeNode's patent-pending technology for EV charging consists of a central charging unit that enables charging of more than 50 electric vehicles. Its innovative charging technology reduces power requirement and operational cost while also removing the need for a traditional charger at each parking bay.
Many of today's properties have an old electrical infrastructure that limits the possible number of installed EV chargers. Compared to other solutions, ChargeNode's unique charging technology enables a more scalable and cost-effective EV charging for property owners and reduces the need for investments in the electrical grid. Hence, ChargeNode can play an important role in accelerating the transition to a sustainable society and increase the share of renewables in the energy mix.
ChargeNode's team consists of experienced entrepreneurs with a track record of building successful businesses. In less than 18 months, the company has sold over 4 000 charging points to property owners, housing cooperatives, hotels, and travel destinations across Sweden.
Joining Formica's investments in Rototec, Ecokraft, Nock, and Orbital Systems, ChargeNode becomes the fifth investment in climate efficient solutions for properties."We need to speed up the transition to fossil-free vehicles, and our technology plays an important role in creating more charge points, both in Sweden and across the world," says Kristian Sandahl, CEO of ChargeNode. "Formica's vision to address global challenges with sustainable solutions matches our ambition. They are a dream partner for us and with our shared values and our mutually strong drive, we will make a difference together".
"The combination of an innovative and revolutionary solution, an impressive team, and a fast-growing market which contributes to the transition, makes ChargeNode a company of great potential to create both impact and value. I am very much looking forward to this journey!" says Teresa Enander, COO Formica Capital. "Now we have five investments in climate-effective solutions for properties, a segment we will continue to focus on as we see further attractive investments opportunities ahead.
For additional information, please contact:
Kristian Sandahl, CEO ChargeNode
Phone: +46 709 11 52 66
COO Formica Capital
Phone: +46 739 17 86 91
Formica Capital is a Sweden-based investment company with a long-term ownership strategy. It is owned by the Olsson Eriksson family. Formica Capital creates value by being an active owner in profitable and long-term sustainable companies that positively impact society. www.formicacapital.se
ChargeNode was formed in 2018 to solve the need for new innovative resource-efficient solutions for today's challenges of large-scale electrification. The company offers scalable EV charging systems based on patent-pending charging technology. Customers are large property owners, housing cooperatives, hotels, and travel destinations. www.chargenode.eu
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Formica Capital invests 115 MSEK in ChargeNode
ChargeNode - Unique charging technology
Teresa Enander and Kristian Sandahl
SOURCE Formica Capital