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

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

Bonnet

Charging

Total funding

€10,000,000

London, United Kingdom
2019

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

Fernride

Electric vehicles

Trucks

Total funding

€9,200,000

Munich, Germany
2019

Platform for autonomous electric trucking backed by the likes of Speedinvest and Promus Ventures.

Round

Seed

Valuation

Undisclosed


Date

2021

Size

€7,100,000

HeyCharge

Charging

Total funding

€4,570,000

Munich, Germany
2020

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

Barcelona, Spain
2019
Seed

2.3m

2.3m

-

BONNET LTD

London, United Kingdom
2019
Seed

10m

4m

-

Breathe Battery Technologies

London, United Kingdom
2019
Seed

1.8m

1.8m

-

BroadBit Batteries

Espoo, Finland
2015
Grant

7m

2.5m

-

CHRG Network

Vilnius, Lithuania
2017
Pre-seed

270k

100k

2.5m

Circunomics

Mainz, Germany
2019
Seed

1.8m

1.8m

-

Cling Systems

Stockholm, Sweden
2020
Seed

90k

2.3m

-

DeepDrive GmbH

Munich, Germany
2021
Seed

4.3m

4.3m

-

Ducktrain

Aachen, Germany
2018
Seed

1.5m

-

-

Ember

Edinburgh, United Kingdom
2019
Seed

6.7m

-

21m

Enerpoly

Stockholm, Sweden
2018
Grant

4.5m

500k

-

ev.energy

London, United Kingdom
2018
Series A

12m

3.6m

-

Fernride

Munich, Germany
2019
Seed

9.2m

7.1m

-

HeyCharge

Munich, Germany
2020
Seed

4.6m

4.3m

-

Inbalance grid

Vilnius, Lithuania
2018
Seed

2.5m

1.5m

-

JEDLIX

Rotterdam, Netherlands
2015
Seed

8m

5m

-

JUCR

Berlin, Germany
2020
Seed

7.7m

6.2m

-

LeydenJar Technologies

Leiden, Netherlands
2016
Debt

60m

30m

-

LiNa Energy

Lancaster, United Kingdom
2017
Seed

12m

3.6m

-

Nanom

Reykjavík, Iceland
2017
Seed

2.7m

800k

-

Paua

London, United Kingdom
2021
Pre-seed

-

-

-

Podbike AS

Stavanger, Norway
2016
Angel

7m

1.3m

-

Reefilla

Turin, Italy
2021
Pre-seed

1m

1m

-

Scuter

Rome, Italy
2015
Seed

3.5m

3m

15m

ShargeMe

Trieste, Italy
2017
Bootstrapped

50k

50k

2.5m

STILRIDE

Stockholm, Sweden
2020
Seed

7.1m

3.6m

-

tozero

Munich, Germany
2022
Pre-seed

3.5m

3.5m

-

UP Catalyst

Tallinn, Estonia
2019
Pre-seed

2m

500k

-

Volteum

Budapest, Hungary
2020
Pre-seed

1.4m

1.3m

-

Voltia

Bratislava, Slovakia
2011
Seed

5m

3.3m

9m

Zeemcoin

Málaga, Spain
2022
Pre-seed

800k

300k

3m

Europe’s success stories

Who early stage startups are up against

(Pre-)Seed

SeriesA

SeriesB

SeriesC

SeriesD+

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

SeriesA

SeriesB

SeriesC

SeriesD+

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

SeriesA

SeriesB

SeriesC

SeriesD+

IPO/Exit

Went public through a SPAC deal at a $1.5bn valuation.

Provides EV charging systems for personal and commercial uses.

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