ChargeNode raises SEK 115 million from Formica Capital to accelerate its expansion in Sweden and internationally. The investment strengthens the development of smart large-scale electric car charging.
ChargeNode, the greentech company that eliminates the need for traditional charging poles, raises SEK 115 million from Formica Capital to accelerate Swedish and international expansion. Formica Capital is a Swedish investment company focused on fast-growing companies driving the transition to a sustainable society.
ChargeNode's patent-pending charging technology means that a central charging source can distribute charge to over 50 electric cars. The solution features smart sharing technology that keeps power demand and operating cost down and completely eliminates the need for traditional charging poles and charging boxes.
“We need to accelerate the transition to fossil-free vehicles and our technology plays an important role in creating more charging points both in Sweden and around the world,” says Kristian Sandahl, CEO of ChargeNode. “Formica's vision of taking on global challenges with sustainable solutions aligns well with our ambition. They are a dream partner for us and with our shared values and common strong drive, we will make a difference together.”
Formica Capital, owned by the Olsson Eriksson family, part of the Stena family, has a stated business idea to invest in companies with climate-efficient solutions and SEK 115 million in ChargeNode is an important part of this.
“The combination of an innovative and revolutionary solution, an impressive team and a rapidly growing market that contributes to the transformation of society makes ChargeNode a company with great potential to create both impact and value. I am very much looking forward to this trip!” says Teresa Enander, COO Formica Capital. Many of today's properties have old electrical systems that limit how many charging points one can install. With ChargeNode's smart technology, significantly more charging points are possible without the need for property owners to upgrade their electrical system.
“Our unique charging technology enables large-scale electric vehicle charging that is both more scalable and more cost-effective than today's solutions,” says Kristian Sandahl, CEO at ChargeNode. “The fact that we also reduce the need for investment in the electricity grids is of great importance for how quickly we as a society can make a transition and also strengthens the possibility of increasing the share of renewable resources in the energy system.”
ChargeNode is run by experienced contractors with previous successful company builds in the bag. In less than 1.5 years, the company has sold over 4000 charging points to property owners, condominium associations, hotels and golf clubs all over Sweden.
“The investment from Formica allows us to increase the pace even further, which is good for society, the market and also for us,” says Kristian Sandahl, CEO of ChargeNode. “We have a clear goal: the world needs large-scale electric car charging in order to transition to a fossil-free society faster, and we want to play a valuable role in this process together with Formica Capital.”
Formica Capital is a Swedish investment company with a long-term ownership strategy, owned by the Olsson Eriksson family, part of the Stena family. Formica Capital creates value growth by being an active owner in companies driving the transition to a sustainable society.
ChargeNode was founded in 2018 with the conviction that new innovative solutions with smarter resource utilization are required to solve today's challenges of large-scale electrification. Today, the company offers smart charging systems for large-scale electric vehicle charging based on proprietary and patent-pending charging technology. Clients include real estate companies, condominium associations, hotels and destinations.
Teresa Enander, COO, Formica Capital
+46 739 178 691 teresa.enander@formicacapital.se
Kristian Sandahl, CEO, ChargeNode
+46 709 115 266 kristian@dev.chargenode.eu
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Charge Node Europe AB
Neongatan 4B
431 53 Molndal
