Lithuanian Inbalance grid raises €1.8M

 Inbalance grid, a Lithuanian developer of electric vehicle charging solutions, has closed an investment round worth €1.8M with the participation of Coinvest Capital, EIT Urban Mobility and business angels. The company will use the raised capital to develop technologies, improve products, accelerate sales and strengthen internal processes, as well as further increase market share.

Founded in Vilnius in 2018 by Simonas Stankus, Aurimas Pauga, and Nerijus Siaulys, Inbalance Grid designs and manufactures electric vehicle (EV) chargers and manages them through cloud-based software and controllers integrated into its charging points. The company's chargers enable EV charging in office buildings, shopping centers, hotels, property developers, car park operators, etc. Inbalance Grid solves the problem of limited infrastructure by installing IoT-based power balancing solutions.

Coinvest Capital stands out as a sovereign VC fund, fully funded by the Lithuanian state and the EU. It is a 100% subsidiary of the National Development Bank ILTE, which is, in turn, owned by the Ministry of Finance. Government ownership ensures the Fund's stability and reliability, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital was founded in 2018. The managing director of Coinvest Capital is Viktorija Trimbel. 

EIT Urban Mobility is an initiative of the European Institute of Innovation and Technology (EIT), founded in January 2019. The goal of EIT Urban Mobility is to accelerate the transfer of mobility innovations to cities to improve their sustainability and quality of life.