Ampol-backed electric vehicle charger startup EVOS raises $4m amid rapid roll-out

Ampol-backed electric vehicle charger startup EVOS raises $4m amid rapid roll-out

The Evos Fleet Home 22 AC charger.

A Brisbane-based designer and manufacturer of electric vehicle (EV) chargers for homes, businesses and commercial fleets has raised $4 million to capitalise on strong demand and early export forays, just one year after EVOS secured $5 million ahead of its launch of consumer-grade solutions.

The company's SB7 charger for everyday EV owners was made available in the December 2023, followed by the launch of the EVOS-Fleet solution in April 2024 combining its hardware with an energy platform that simplifies the charging process and helps businesses manage their fleet energy costs.

The platform chooses the ideal idle time for the charger to be operational, whether it's overnight in non-peak periods or during business hours, for example.

EVOS is aiming to lift the current raise to $10 million following the completion of $4 million in backing from existing undisclosed investors.

The bulk of external funding raised prior - including through a $1.7 million seed round in 2021 - has come from petrol and service stations giant Ampol (ASX: ALD), which points to the ASX-listed company as the likely source. EVOS is also the official supplier of Ampol's branded AmpCharge chargers.

The EVOS SB7 charger for everyday EV owners, with Ampol branding.
The EVOS SB7 charger for everyday EV owners, with Ampol branding.

 

If the group is able to raise the $10 million, it plans to fuel growth in the company’s sales and marketing teams while enabling an expansion of manufacturing capabilities to  bring products to market faster and meet increasing demand for its charging products both locally and abroad.

"We’re ramping up the rollout of new products and software rapidly, and demand for EV charging at home is only increasing from here on out," says CEO Marcelo Salgado.

"Sales of EVs are up more than 30 per cent over the same period last year and that number will increase as OEMs (original equipment manufacturers) move further away from petrol-powered to zero emissions vehicle manufacturing," adds Salgado, who co-founded EVOS in 2020 with chief experience and innovation officer Seshan Weeratunga and chief technology officer (CTO) Chris Crossman.

"Research shows that EV owners will spend most of their charging time at home or the workplace – and we know that Australians are keen on Australian products."

Unlike collapsed EV charger company Tritium which focuses on direct current fast charging (DCFC), all of EVOS's products are for alternating current (AC) charging which makes it possible to use a regular outlet. Whilst slower than DC charging, the voltage is lower and therefore easier on batteries.

Since December EVOS has sold 1,600 units of the 7kW SB7 charger, which can add 35km of range for every hour of charging time. This compares to the delivery of 22kW of power per hour for the company's signature Fleet Home 22 AC charger.

Now with the platform solution, the technology can also control charge rate, speed and power to ensure owners can manage their energy output, thus reducing the costs of charging at home as much as possible.

EVOS founders (L-R) Chris Crossman, Seshan Weeratunga and Marcelo Salgado.
EVOS founders (L-R) Chris Crossman, Seshan Weeratunga and Marcelo Salgado.

 

"What we’re trying to solve is not only the issue of charging, but the issue of energy," says Crossman.

"Managing and understanding energy consumption will be a challenge for fleet operators and private owners alike, but our ecosystem perfectly manages when to charge based on feed-in tariffs, when energy is cheapest and also when solar is involved."

EVOS has also started experiencing success abroad with sales increasing in Southeast Asia and India. Recently the company was one of 35 exporters backed by the Trade and Investment Queensland’s Go Global Export Program, which provides funding and support.

"Our products, which are easy to install, operate and manage, are in demand abroad and we’ve recently hired a regional head of sales to facilitate more sales abroad," says Weeratunga.

"The capital raise will help us ramp up production across the region, but our main focus is meeting the demand of Australian EV owners and fleet operators as the market here increasingly turns to zero-emissions driving."

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