Brisbane-based start-up EVOS which specialises in fleet energy management and EV AC charging has completed a $4 million capital raise from existing investors and is seeking an additional $6m.
The latest $10 million funding round, once completed, will fuel growth in the company’s sales and marketing teams to ensure Australians are able to purchase in home or business EV chargers from a locally designed and manufactured specialist.
The raise will also enable the company to expand its manufacturing and bring products to market faster and meet increasing demand for its charging products both locally and abroad.
EVOS was founded by chief executive Marcelo Salgado, chief experience and innovation officer Seshan Weeratunga, and chief technology officer Chris Crossman.
“We’re ramping up the rollout of new products and software rapidly, and demand for EV charging at home is only increasing from here on out,” says Salgado.
“Sales of EVs are up more than 30% over the same period last year and that number will increase as OEMs move further away from petrol-powered to zero emissions vehicle manufacturing.
“Research shows that EV owners will spend most of their charging time at home or the workplace – and we know that Australians are keen on Australian products.”
The company earlier this year launched its Fleet Platform, an energy management solution for EV-ready business sites, and last year launched its SB7 charger designed to be easily installed.
The 7kW charger can add 35km of range every hour.
It already has the Fleet Home 22 AC charger and Energy Management platform, which can choose the ideal idle time for the charger to charge the vehicle, controlling charge rate, speed and power to ensure owners can manage their energy output – reducing the costs of charging at home as much as possible.
“What we’re trying to solve is not only the issue of charging, but the issue of energy,” says Crossman. “
“Managing and understanding energy consumption will be a challenge for fleet operators and private owners alike, but our ecosystem perfectly manages when to charge based on feed-in tariffs, when energy is cheapest and also when solar is involved.”
EVOS has begun experiencing success abroad, with sales in Southeast Asia and India increasing.
Recently, the company was one of 35 exporters backed by the Trade and Investment Queensland’s Go Global Export Program, which provides funding and support.
“We’ve recently hired a regional head of sales to facilitate more sales abroad,” says Weeratunga.
“The capital raise will help us ramp up production across the region, but our main focus is meeting the demand of Australian EV owners and fleet operators as the market here increasingly turns to zero-emissions driving.”
Join the conversation