MultiCharge got 3 million € from the Horizon Europe programm

08.11.2021
Multicharge
As the only Estonian startup, MultiCharge received 3 million euro funding from the EIC Accelerator program for the development of an innovative electric vehicle charging solution.

The device being developed by MultiCharge allows switching consumption between phases and using the existing network connection up to 3 times more efficiently. The European Commission’s Innovation Council is funding 65 companies under the program for a total of 360 million euros.

Juhan Härm, the founder of MultiCharge OÜ, said that the newly received financing decision allows for further development of the idea. “At the beginning of the summer, we received 30,000 euros from Prototron, and this was a confirmation that there is a need for such a solution. Recent developments in the price of electricity suggest that different ways must be found to spread the electricity load and make better use of the existing network, “said Härm.

MultiCharge develops charging solutions for electric vehicles, which allow charging up to 3 times more vehicles with the existing network connection and switching loads between phases without interruption.

Soon ready to enter the market

“The loads in the electricity network are unevenly distributed between the phases, with the device we have developed, it is possible to share the loads equally and use the existing electricity networks up to three times more efficiently,” he explained.

The company plans to enter the market in the middle of next year. “Much depends on how quickly we can hire new developers in our team. If everything goes according to plan, we can start with the first pilot in the middle of next year, “said Härm. “Currently, we have an action plan in place for the next two years and clear goals. We do not plan to sell our solution, we want to grow the company ourselves and develop our idea. We just did a market analysis of what our competitors are and we have a unique advantage – we can grow very fast, “Härm noted.

The European Union’s EIC Accelerator innovation fund supports small and medium-sized enterprises, especially start-ups, to develop world-changing innovations.

The autumn round of Prototron is open, submit an application by November 15, 2021 at www.prototron.ee and start your own success story.