Soolutions, an online platform based in Utrecht, specializing in EV charging equipment for homeowners and EV drivers, revealed on Thursday that it has secured €2M in funding through SeedBlink, a European co-investment platform. The funding consists of a €1.1M commitment from lead investors, according to Soolutions.
The Dutch startup highlights its advantageous position in the market as it focuses on the supply, distribution, and installation of charging stations, primarily for consumers’ premises. To fuel further expansion and growth, Soolutions has successfully raised capital via SeedBlink.
The raised funds will enable Soolutions to extend the reach of its platform, introduce new products, and enhance its service offerings. With a solid presence in the Benelux region, the company aims to expand into other European countries, reinforcing its market presence.
Providing an Array of Electric Vehicle (EV) Charging Solutions
Established in 2019 by Joury de Reuver, Soolutions operates within the electric car charging infrastructure sector, serving customers directly as well as collaborating with car dealers, leasing companies, energy providers, fleet managers, and installers.
The primary objective of the company is to simplify the process of supplying, distributing, and installing charging stations at customers’ residential properties.
Since 2013, Soolutions has been operating as an e-commerce website catering to customers across Europe and several other countries.
“In 2019, we recognized the growing demand for supplying and installing charging stations, along with associated products and services. To address this need, we launched an online marketplace and sales tool called the Charge Wizard,” explains founder Joury de Reuver.
De Reuver further emphasizes, “While public charging stations receive considerable attention in the electric vehicle (EV) industry’s electrification efforts, it is important to note that the majority of charging takes place at home.”
“Approximately 80-90 percent of charging occurs at home, and nearly 30 percent of households have the capability to support a home charger. Hence, it is advantageous to have a smart and customized charging solution at home.”
“By combining this with solar panels, for instance, electric vehicle owners can recoup the costs of these panels within a span of two to three years. This prospect is truly exciting.”
“Soolutions provides consumers with a comprehensive solution through our online platform, offering guidance, hardware, installation, and premium support,” emphasizes de Reuver.
Over the past years, the company has transformed into a comprehensive service platform with over 350 business partners. These partnerships have resulted in a noteworthy growth in revenue, according to Soolutions.
Capitalizing on an Expanding Market
According to a statement from Soolutions, it is projected that by 2030, approximately 44 million cars will be on European roads. With electric vehicles accounting for about 20 percent of car sales in 2021, there has been a rapid increase in the demand for charging stations.
Meeting this demand necessitates significant capital investment to establish a comprehensive and modern charging infrastructure. For investors, this presents an opportunity for sustainable investment in a rapidly expanding market, offering a wide range of business possibilities.
Robbin Hoogstraten, the regional manager of SeedBlink Benelux, remarks, “Soolutions provides a platform to tackle a pressing challenge: supplying charging capacity to the growing number of electric vehicle owners.”
Hoogstraten further comments, “As a fully-integrated service provider with a robust platform and an expanding network of business partners, Soolutions possesses a highly scalable business model. This presents our investors with compelling opportunities.”
SeedBlink has a twofold objective: to foster the growth of the European tech ecosystem and enhance the risk-adjusted returns for investors.
Hoogstraten explains, “SeedBlink aims to contribute to the establishment of a truly European capital market that provides support to tech startups not only in the Netherlands but also across Europe. Simultaneously, the platform presents Dutch and other European investors with a diverse range of investment opportunities, allowing them to invest alongside venture capitalists.”