Île-de-France-based UP&Charge, an electric charging provider, has successfully obtained €1.5M in Seed funding from Paris Business Angels, independent Business Angels, and partner banks, including BNP Paribas, Banque Populaire Rives de Paris, and Bpifrance. The funding will support the company’s mission to facilitate the adoption of electric vehicles by improving charging infrastructure and technology.
UP&Charge, founded in 2021, aims to develop induction charging stations for electric vehicles, emphasizing user-friendliness and accessibility. The company has made significant progress, evolving from a 1kW demonstrator to a 7kW charging station set for deployment in October 2024. Unlike previous advancements, this funding round highlights a substantial leap in the company’s ability to offer practical solutions for electric vehicle users.
Funding Allocation
The newly acquired funds will be allocated to three main areas: software development, hardware enhancement, and user experience improvement. Software development will focus on ensuring compatibility with various vehicles and introducing innovative functionalities. Hardware enhancements aim to create a high-quality and practical induction charging station. The user experience will be enhanced by incorporating a data feedback system to drive the development of new features demanded by the market.
The funding will enable the company to begin the first installations of charging stations at customer premises in October. This phase is crucial for demonstrating the effectiveness and reliability of UP&Charge’s technology.
Induction Charging Innovation
UP&Charge’s cable-free recharging solution sets it apart from traditional electric vehicle charging methods. Designed to be easily accessible, the system can be activated with a single click through a mobile application. The charging station aims to optimize energy transfer and cater to users with reduced mobility, making it an inclusive solution for a wider range of customers.
The company’s plans include a pre-order phase for businesses and local authorities scheduled for Q4 2024. This phase aims to expand the reach of their charging solutions and establish a customer base before full-scale deployment.
Gil Chicheportiche, President of UP&Charge, emphasized their mission:
“UP&CHARGE’s objective is to facilitate the adoption of electric vehicles to reduce greenhouse gas emissions in the transport sector. With the finalisation of our product, our vision becomes reality, and the friction for electric vehicle users finally disappears!”
Securing €1.5M in Seed funding marks a pivotal moment for UP&Charge, enabling the company to advance its induction charging technology and make it more accessible to users. By addressing software, hardware, and user experience improvements, the company is set to contribute significantly to the electric vehicle charging infrastructure. The upcoming pre-order phase for businesses and local governments signals a strategic move to expand market reach and demonstrate the viability of their solution.
