Energize Ventures is proud to lead the $30 million Series A+ investment in Monta, the only all-in-one EV charging management platform, alongside existing investors Creandum, Pale Blue Dot, byFounders and Headline. This marks our third investment in EV charging infrastructure.
The shift from gasoline- to electric-powered vehicles is undergoing undeniable growth. Plug-in vehicle sales are projected to rise from 6.6 million in 2021 to 20.6 million in 2025, fueled by intense tailwinds in Europe and China where EVs are expected to comprise 39 percent of vehicle sales by 2025. While lagging globally, the U.S. EV market is picking up pace, in part propelled by the recent Inflation Reduction Act that provides consumer tax credits for EV purchases as well as direct investments in EV charging infrastructure. Regulatory, economic and climate-related factors all increase the likelihood that the U.S. market will soon follow Europe’s S-curve adoption of EVs.
While these projections are encouraging, the EV market’s growth remains dependent on the buildout of EV charging infrastructure. Nearly 30 million chargers will need to be deployed in the U.S. alone by 2030 to support EV production projections. Yet as Energize has discussed previously, charging infrastructure has been somewhat overlooked compared to the funding backing EV production, despite charging infrastructure investments being the picks and shovels that will prove absolutely essential to broader EV adoption and decarbonization.
At present, limits within charging infrastructure can be prohibitive to adoption, with range anxiety making consumers hesitant to purchase EVs for fear they won’t be able to find nearby chargers. Digital solutions helping facilitate and accelerate the charging infrastructure buildout will be essential in determining whether charge point access will limit or enable the industry’s growth.
Enter Monta, an all-in-one operating platform for EV charging stations. Monta’s software serves as the glue that connects and enables players throughout the full EV charging ecosystem – from EV drivers to charging station installers, operators, service providers and site owners – simplifying and improving the user experience across the board. In short, Monta makes EV charging simple, accessible and reliable.
Monta’s core product is a software layer for managing the installation, operations and maintenance of charge points across hundreds of hardware variations. Their platform gives access to charging station smart features based on user type, including controlling who has access to the charge point, setting the charging cost and facilitating payments, as well as allowing drivers to locate nearby charging stations. Monta’s solution is designed to relieve many of EV charging’s current sticking points. Because it is hardware agnostic, the software can be integrated regardless of a charging station’s manufacturer. Prior to Monta, EV drivers were required to use a different app, with a bank account connected, for each charging station brand they used. With Monta, customers can access many types of charging platforms with just one app, like an ATM accessible regardless of one’s bank.
Monta’s interoperability gives users a consistent experience across chargers while widening Monta’s customer base, which spans installers, wholesalers, hardware manufacturers, site and fleet owners, and EV drivers. Monta’s software is currently used by businesses including Copenhagen Airport, EWII, PostNord and Vestas. Use cases vary based on customer; for example, Monta’s software is installed in EWII’s charging infrastructure at Copenhagen Airport to serve the following users:
EV Drivers: Travelers, taxis, airport employees and the airport’s fleet can all use the Monta-powered charge points. Monta’s InstantCharge feature allows drivers to start their charge with a QR-code rather than requiring an app or account.
Site Owner: The airport and EWII can manage access, monitor usage and assign different charging rates for different types of EV drivers.
Installers: Installers and electricians can use Monta across charging manufacturers, meaning they don't need to retrain technicians, and maintenance and repairs are standardized.
The Energize team has studied the electrification landscape for years, recently culminating in the public release of our Electrifying Everything proprietary research project and blog series. Our research has informed and strengthened our thesis that software is crucial for enabling and scaling the clean energy and sustainability transition.
After reviewing many startups in the space, we are confident Monta’s software makes it the leading EV charging platform for a few key reasons:
Monta’s CEO Casper Rasmussen and CCSO Anders Pederson founded the company in 2020 after experiencing the frustrations of EV ownership first-hand. As an EV owner, Casper was surprised by the low-tech nature of EV charging, especially the difficulty in finding and connecting to various charging stations. Given their combined experience managing large software development organizations, the pair saw an opportunity to optimize the EV charging market. Building ESG approaches into the company's infrastructure has been a priority, in addition to honing the impact embedded within Monta's core: by creating a more efficient and sustainable charging experience, Monta will help advance electrification more broadly.
This latest round of funding will allow Monta to ramp up product innovations and expand to new markets. The Energize team is excited to work with Casper, Anders and the rest of the Monta team to continue laying the groundwork for scalable and sustainable EV infrastructure. Congratulations!