Jolt Capital leads €20 million round in EVUM Motors
EVUM Motors, the innovative designer and manufacturer of electric utility vehicles, announces today a €20m funding round led by Jolt Capital, the leading European growth deeptech PE firm.
EVUM Motors, a leader in electric light commercial vehicles (eLCV) meant for transportation and energy solutions, is focused on setting new standards in the world of electric mobility and electric work. EVUM Motors’ vehicles are not just a means of transportation but a total energy solution for tools, devices, infrastructure, and other vehicles, creating a completely energy self-sufficient work environment.
A spin-off from Technical University of Munich in 2017, EVUM Motors has already delivered close to 1000 vehicles to customers in growing niche markets (municipalities, agriculture, industry) boosted by regulatory requirements and public pressure for electrification of utility vehicle fleets.
Led by Jolt Capital, who already has one other German company in its portfolio, and supported by Bayern Kapital and other existing investors, this investment will help accelerate the expansion of the company’s footprint and scaleup phase. The financing of 20 million euros will fund the company’s product and technology roadmap to offer robust electric vehicles with smart energy solutions, grow the production capacities and expand the sales and service geographic footprint in Germany and Europe.
Martin Šoltés, CEO of EVUM Motors, said: "This investment is a clear sign that our vision of electric mobility and eWork will shape the future. It's a crucial step in taking EVUM to the next level. Jolt Capital is a reference investor for European technology investment, and we are delighted that they have recognized us as a leader in our space. This significant investment provides a powerful boost on our mission to becoming a European leader of electric mobility and energy efficiency."
Eric Arnould, General Partner from Jolt Capital, commented: "As we are used to scale responsible deeptech companies across Europe, we have been impressed by the products developed by EVUM Motors, and by the potential to offer much more than electric vehicles. This investment reflects Jolt Capital’s confidence in their ability to develop smart energy solutions and contribute to the electricity transition of transportation and work."
Monika Steger, CEO of Bayern Kapital, added: "As a long-term supporter of EVUM Motors, we are delighted to be part of this growth phase. We firmly believe in EVUM's vision and potential.”
The establishment of a Board of Directors is another sign of EVUM's commitment to actively shape the future of electric mobility. Vincent Cobée, a veteran of the automotive industry having held senior executive positions at Stellantis and Renault-Nissan, who will serve as the Chairman of the board, commented: "It is an honor to be part of this revolutionary company. With its technology roadmap, EVUM is taking the next decisive step in revolutionizing the future of mobility and work."
(Munich, Dec 19, 2023)