EV charging management platform Monta is to expand its footprint and product development with the help of a new €30m (£26m) capital raise.

Casper Rasmussen, Monta CEO

The Danish startup has developed an all-in-one EV charging platform that simplifies and streamlines deployment, use and management of EV charging infrastructure. The Monta platform gives charge point owners full visibility into usage, pricing, access and transactions, while also providing EV drivers with access to reservation, virtual queuing and payment features in a single solution.

The additional financing, raised as part of a Series A+ round led by Energize Ventures, brings Monta’s total to €50m (£43m) and will be used to accelerate the buildout of EV charging infrastructure.

The company said the funding will enable it to open up new markets, create transparency within the electricity market, and digitalise the power grid infrastructure.

This includes opening up in new markets including North America, as well as consolidating its position in Scandinavia, the UK and Germany, all of which have legislation in place slated to ban new ICE vehicle sales by 2025, 2030 and 2035 respectively.

To further support the needs of the EU and the US – which has set a goal for 50% of its car sales to be EVs by 2030 – Monta said it will ramp up its product innovations and develop critical features to help EV drivers and charge point owners “seamlessly navigate the industry”.

Casper Rasmussen, Monta CEO, commented: “We are aiming to fully digitalise the EV ecosystem to tackle all the immediate challenges within the industry and build toward a more transparent and flexible future.

“By partnering with hardware OEMs, we can deliver new features straight out of the box, like our new feature that allows operators to set a percentage on top of the spot price in order to follow the market fluctuations and automatically offer a fair price for charging. The investment from Energize and our returning investors is a strong vote of confidence in our vision, team, and software as the cornerstone of the mobility infrastructure of the future.”

Looking further ahead, Monta plans to expand its product development to include grid management services, tackling challenges as more EVs hit the roads. Project plans include work to facilitate the sale of excess power back to the grid (V2G), manage interoperability with other zero-carbon technologies (V2H, V2X), aid in the creation of local energy markets, and provide end users with ownership over their energy consumption.

The deal is expected to close later this year, subject to regulatory approval.