Jolt Energy raises €150m to create ultra-fast EV charging network

10 May 2023

Jolt Energy CEO Maurice Neligan. Image: Stephan Rumpf

Jolt claims its EV charging stations can be easily built in urban areas and plans to build thousands across Europe and North America.

Jolt Energy, an Irish-founded company that creates EV charging stations, has raised €150m to expand its network across Europe and North America.

The funding came from investment company InfraRed Capital Partners, which gave the full amount through a capital grant.

Over the next few years, Jolt plans to install thousands of its “ultra-fast” charging stations across multiple cities in Europe and North America.

The company also aims to provide these charge stations to commercial establishments such as supermarkets, restaurants and petrol stations, boosting the availability of EV charging in central locations.

Jolt is focused on improving EV charging in urban areas and claims it is “revolutionising” the market with its combination of charging stations and battery storage.

Jolt said its charging stations have a capacity of up to 320kW and can be connected to existing low-voltage grids. The company claims its battery storage systems provide additional energy for charging, making it possible to charge EVs for a range of up to 100km in five minutes.

The charge point operator claims its stations can be installed quickly in urban areas without the need for costly construction measures or expanding energy grids.

Jolt was founded in 2018 by CEO Maurice Neligan, who grew up in Dublin and went to University College Dublin. The company is based in both Dublin and Munich.

Speaking about the funding, Neligan said Jolt has found a financing partner that supports the development of “a forward-looking infrastructure and paves the way for the crucial change in e-mobility”.

“Our ultra-fast charging stations equipped with powerful battery storage are the missing link in accelerating the energy and transport transition in cities,” Nelligan said. “Ultra-fast charging systems are the key to unlocking the potential of EVs for city residents.”

Stephane Kofman, an InfraRed partner and head of its capital gain funds, said investing in EV charging infrastructure aligns with the company’s approach in supporting “a low-carbon future”.

“With our investment in Jolt, we are focusing on a sector with attractive growth potential,” Kofman said. “The expansion of the network with ultra-fast charging stations will facilitate the widespread adoption of electric vehicles.”

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Leigh Mc Gowran is a journalist with Silicon Republic