Epyon Raises EU7 Million in Equity to Scale up Its EV Fast-Charger Business
New Financing and Partnership With LiteOn Provide Solid Base for Accelerated Expansion in Europe
Epyon BV, the leading European supplier of intelligent charging solutions for electric vehicles (EVs), received 7 million euros in new equity funding from five investors, providing a solid foundation for its ongoing effort to scale up operations across Europe - as the market for EV fast chargers is taking off.
"The coming year will be pivotal for our rapidly expanding industry. We are very well positioned to capture growth and we are fully energized to move ahead, backed by an exceptional mix of investors," said Hans Streng, CEO of Epyon. "This financing gives us a solid base, both financially and industrially, as we roll out operations throughout Europe."
Epyon welcomes three new shareholders: LiteOn Technology Corp. from Taiwan and Dutch investors BOM and Breesaap, the investment fund of former Dutch Prime Minister Ruud Lubbers. The existing investors, SET Venture Partners and Chrysalix, also participated in the financing round and will remain Epyon's largest shareholders. After closing, all five investors will be represented on Epyon's supervisory board.
Parallel to the financing agreement, Epyon and LiteOn also agreed on a business cooperation. LiteOn will support Epyon's market development in parts of Greater China, Asia, Europe and the U.S, based on its strength in volume production, marketing and logistics and its regional connections. Epyon will continue to produce lower-volume and modular products through its existing partnerships in Europe.
"Epyon's leading EV fast-charging technology coupled with its unique value proposition in the electric vehicle market is visionary and matches LiteOn's long-term strategy. Epyon's geographic location also helps to develop LiteOn's presence in Europe. LiteOn will closely cooperate with Epyon in delivering integrated charging and energy storage solutions to customers," said David Lin, Chairman of LiteOn Clean Energy Technology Corp.
Epyon will also significantly increase its access to the high-tech community through the network of regional development company BOM, which operates in the heart of the Dutch high-tech automotive sector.
"We are pleased to make a contribution to the development of electric vehicles with our BOM Participation Fund and our Spin Off Fund Brabant," said Frank van de Ven, Sr. Investment manager at BOM. "Epyon does have our special interest because their solutions address the challenge the industry faces in the development and standardization of the network of intelligent charging solutions."
Bart Lubbers, director of Breesaap, adds that he's convinced that the ability to charge an electric vehicle within 20 minutes will lead to a breakthrough in electric mobility and the related services industry.
Epyon, founded in 2005, earlier this year launched Europe's first commercially operated fast-charging station and recently signed several agreements to deploy its highly scalable multi-post solutions.
For more information about Epyon, please visit http://www.epyonpower.com