Electric vehicles
Who’s on the charge across Europe?
Last updated: 9 Feb 2023
Market 101
As one of the biggest contributors to global emissions, the transport sector’s electrification is essential to the green transition. Thanks to careful regulation and growing consumer interest, Europe has emerged as a leader in the global electric vehicle (EV) market, a trend that governments hope to fuel further.
But is the outlook for EVs losing some of its spark? Inflation and rising interest rates will see many customers delay big-ticket purchases. Then there are the challenges the industry has always faced: not enough charging stations, unclear integration with the grid and sustainability headaches around batteries. All of these problems create opportunities for a plethora of EV wannabe players in Europe. The upside for them is that, thanks to mandated increases in EVs hitting the road in the next decades, their task will only become more visible and urgent.
Early stage market map
Key facts
Trends to watch
Metals become the new oil
Battery supply chains are struggling to keep up with EV demand while facing growing scrutiny over the environmental cost of extracting battery metals.
With demand only going one way, manufacturers are coming under pressure to future-proof their supply chains or support alternative chemistries not reliant on raw materials such as lithium and cobalt.
EV software plays
With software essential to all modern cars, expect to see new tech emerge to support EV design, maintenance and monitoring — as well as unexpected areas like cybersecurity for vehicle data.
Since the technology for autonomous vehicles integrates more easily with electric engines, the shift towards EVs should also further advance autonomous driving.
Will lack of charging facilities pull plug on EVs?
Fear of drained batteries holds many people back from buying an EV. An extensive network of charging stations, then, will be crucial to drive the industry, and it’s little wonder that many startups are focused on this side of the tech equation.
Their efforts here range from developing ever-faster and better-managed charging to ease pressure on grids during peak hours, to improving the digital customer experience.
3D-printed cars
Manufacturing EVs is really hard for incumbents and newbies alike, but they’re increasingly being helped by startups working in “additive manufacturing”.
Using 3D printing, these new players develop components on-site, leading to lower prices and less pressure on supply chains.
Startups tracked by Sifted
Sifted take
After a flurry of IPOs buoyed the sector, it’s clear that the actual production process for EVs is becoming a sticking point for startups from Arrival to US companies Rivian and Lucid. So-called gigafactories require big up-front investments, run on high cost and manage a low profit margin. Investors looking for safer bets that will get off the ground quicker would do well to stick to adjacent services from software to charging infrastructure instead.
Rising stars
Counting US firms Lightspeed Venture Partners and GV among its investors, Bonnet is an app that gives users access to a network of charging stations.
Round
Seed
Valuation
Undisclosed
Date
2022
Size
€4,000,000
Platform for autonomous electric trucking backed by the likes of Speedinvest and Promus Ventures.
Round
Seed
Valuation
Undisclosed
Date
2021
Size
€7,100,000
Developed a technology to enable charging in environments with poor internet connectivity. The cofounders combine experience from Google, E.ON and SIXT.
Round
Seed
Valuation
Undisclosed
Date
2022
Size
€4,270,000
Early stage startups to watch
Bold Valuable Technology
Batteries
Battery technology
€2.3m
€2.3m
-
BONNET LTD
Charging
€10m
€4m
-
Breathe Battery Technologies
Batteries
Battery management
€1.8m
€1.8m
-
BroadBit Batteries
Batteries
Battery technology
€7m
€2.5m
-
CHRG Network
Charging
€270k
€100k
€2.5m
Circunomics
Batteries
Reuse & recycling
€1.8m
€1.8m
-
Cling Systems
Batteries
Reuse & recycling
€90k
€2.3m
-
DeepDrive GmbH
Electric vehicles
Components
€4.3m
€4.3m
-
Ducktrain
Electric vehicles
Last mile delivery
€1.5m
-
-
Ember
Electric vehicles
Buses
€6.7m
-
€21m
Enerpoly
Batteries
Battery technology
€4.5m
€500k
-
ev.energy
Charging
€12m
€3.6m
-
Fernride
Electric vehicles
Trucks
€9.2m
€7.1m
-
HeyCharge
Charging
€4.6m
€4.3m
-
Inbalance grid
Charging
€2.5m
€1.5m
-
JEDLIX
Charging
€8m
€5m
-
JUCR
Charging
€7.7m
€6.2m
-
LeydenJar Technologies
Batteries
Materials
€60m
€30m
-
LiNa Energy
Batteries
Battery technology
€12m
€3.6m
-
Nanom
Batteries
Materials
€2.7m
€800k
-
Paua
Charging
-
-
-
Podbike AS
Electric vehicles
E-bikes
€7m
€1.3m
-
Reefilla
Charging
€1m
€1m
-
Scuter
Electric vehicles
Motorcycles/scooters
€3.5m
€3m
€15m
ShargeMe
Charging
€50k
€50k
€2.5m
STILRIDE
Electric vehicles
Motorcycles/scooters
€7.1m
€3.6m
-
tozero
Batteries
Reuse & recycling
€3.5m
€3.5m
-
UP Catalyst
Batteries
Materials
€2m
€500k
-
Volteum
Software & marketplaces
€1.4m
€1.3m
-
Voltia
Electric vehicles
Last mile delivery
€5m
€3.3m
€9m
Zeemcoin
Charging
€800k
€300k
€3m
Europe’s success stories
Who early stage startups are up against
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
Develops its own driverless electric vehicles called T-pods and driverless hardware and software to add to third-party electric trucks.
Has expanded to Germany and the BeNeLux region after first launching its T-pods in Sweden in 2019.
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
Developer of an electric ‘hypercar’ as well as a range of EV components it supplies to automakers like Porsche, Hyundai and Aston Martin.
(Pre-)Seed
Series A
Series B
Series C
Series D+
IPO/Exit
Went public through a SPAC deal at a $1.5bn valuation.
Provides EV charging systems for personal and commercial uses.
Sources
News articles
Tevva raises $51m as the electric truck race revs up | June 2022 | Sifted
Europe’s electric vehicle charging market sees surging investment | June 2021 | Sifted
15 German startups benefitting from the shift to electric cars, according to VCs | February 2021 | Sifted
An EV-plosion awaits in 2023, and it’ll be packed with tech | December 2022 | TechCrunch
Electric vehicle start-ups face their toughest challenge: making cars | April 2022 | FT
EV Startups Struggle to Catch Tesla’s Hype Train | November 2022 | WSJ
2, 3 Why the automotive future is electric | September 2021 | McKinsey
Europe’s EV opportunity—and the charging infrastructure needed to meet it | November 2022 | McKinsey
News article
1 Zero emission vehicles: first ‘Fit for 55' deal will end the sale of new CO2 emitting cars in Europe by 2035 | October 2022 | European Commission
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