JOLT Energy, a provider of EV charging solutions, has secured a €150 million (~$162 million) investment from InfraRed Capital Partners, an infrastructure fund manager. The investment will help JOLT expand its network of battery-buffered ultra-fast charging stations in urban areas across Europe and the U.S.

Unlike conventional EV charging stations that require high-voltage grid connections, JOLT’s technology uses battery storage to provide additional energy for fast and convenient charging. According to the company, each JOLT station can deliver up to 320 kW of power, allowing EV drivers to charge up to 100 km of driving range in just 5 minutes.

JOLT plans to partner with public and private entities, such as city authorities, supermarkets, restaurants, and service stations, to install its charging stations at locations where EV drivers frequently visit.

Nomura Greentech, a leading investment banking firm focused on sustainability and clean technology, acted as the exclusive financial advisor to JOLT in this transaction.

Stephane Kofman, Partner and Head of Capital Gain Funds at InfraRed: “Investing in rapid electric vehicle charging infrastructure aligns with our approach to supporting a low-carbon future. InfraRed has an established pedigree in investing in renewables and batteries. With our investment in JOLT, we focus on a sector with attractive growth potential. The expansion of ultra-fast charging stations will facilitate the widespread adoption of electric vehicles. We are proud to partner with JOLT to play our part in the decarbonization of transportation.”

According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid.

There was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, funding in Q1 2023 was 14% lower compared to Q1 2022 when $327 million was raised in 13 deals.

Recently, ChargeLab, an electric vehicle (EV) charging software provider, has raised an additional $15 million in funding, bringing its total Series A round to $30 million. The new financing includes $10 million in equity and $5 million in venture debt.