Lithuanian Inbalance Grid secured €1,5M from investment firm Equite

Lithuanian developer of charging solutions for smart electric cars Inbalance Grid secured €1,5M from Lithuanian private investment company Equite.

UPD: Lithuanian private investment company Equite after the deal with smart electric car charging solutions Inbalance Grid has not become its shareholder. According to the startup, Equite and Inbalance Grid together invested €1,5M in Inbalance Grid. Equite invested in the form of private equity and debt. And with this deal, Equite becomes a co-owner of electric vehicle charging infrastructure.

These investments will allow Inbalance Grid to install 600 public charging access points in Lithuania. Currently, it has around 350 charging points. The company also plans to raise extra funding for the expansion in other countries, primarily in Latvia, Estonia and Poland.

Inbalance Grid designs and produces charges for electric vehicles (EV) and manages them through cloud-based software and controllers integrated into their charging points. The company claims that with its chargers, it would be possible to charge EV in office buildings, shopping centers, and hotels. The startup was founded in Vilnius in 2018.

Before this round, Inbalance Grid has raised about €2,5M from Lithuanian funds Contrarian Ventures, Coinvest Capital, co-founder of Lithuanian marketplace Vinted, and Lithuanian fund Practica Capital Mantas Mikuckas and business-angel Ernestas Petkevicius.

Equite is a private multi-asset alternative investment firm with a focus on small and medium-sized companies. It specializes in venture investment, private equity, private debt, and real estate, and supports green technology companies. The company was founded in Vilnius in 2021.