1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a pivotal funding initiative under the European Innovation Council (EIC), designed to support innovative startups and small to medium-sized enterprises (SMEs) within the European Union. The program aims to bridge the gap between research and market, enabling high-potential companies to scale their groundbreaking technologies and innovations. It primarily focuses on deep-tech sectors, encompassing areas such as artificial intelligence, biotechnology, and advanced manufacturing, among others.

Funding Structure

The EIC Accelerator offers a blended finance model comprising two main components: grants and equity investments.

Purpose in the European DeepTech Ecosystem

The EIC Accelerator is fundamental to the European deep-tech and startup ecosystem. It nurtures innovation by providing the necessary financial resources to scale disruptive technologies. The program not only fosters entrepreneurship but also strengthens Europe’s competitive edge in global markets.

By enabling startups to secure funding through both grants and equity, the EIC Accelerator plays a crucial role in catalyzing private sector investment. It acts as a facilitator, connecting innovative companies with venture capitalists and other investors, thereby enhancing their ability to scale and commercialize their technologies effectively.

Elonroad AB and the Elonroad Project

Company Overview: Elonroad AB, a Swedish startup, emerged as a winner of the EIC Accelerator funding, securing support for its innovative project, known as Elonroad. The proposal was submitted on January 11, 2023, and the company successfully advanced through the evaluation process, culminating in a favorable Step 3 interview.

Project Overview: Elonroad is an on-the-go charging system designed specifically for heavy electric vehicles operating in ports and other closed-loop applications. The project aims to revolutionize the charging infrastructure for electric vehicles by allowing them to charge while in motion, thereby enhancing operational efficiency and reducing downtime.

Technology Basics and Background

The underlying technology of the Elonroad project leverages conductive charging systems integrated into roadways, making it possible for vehicles to draw power while driving. This system involves the installation of conductive rails or tracks embedded in the surface of the road, which connect to the vehicle’s charging apparatus.

Key Features:

• Dynamic Charging: The system allows for continuous power supply, enabling heavy electric vehicles to operate without needing to stop for lengthy charging periods.
• Infrastructure Integration: The technology can be seamlessly integrated into existing road systems, making it a scalable solution for urban environments and logistical hubs like ports.
• Environmental Impact: By facilitating the use of electric vehicles, the system aims to significantly reduce greenhouse gas emissions and promote sustainable transportation practices.

Conclusion

The EIC Accelerator program provides critical support for innovative companies like Elonroad AB, allowing them to develop and scale technologies that address pressing societal challenges. By combining grant funding with equity investment, the program enhances the capacity of startups to attract private sector funding, fostering a vibrant ecosystem of innovation and entrepreneurship in Europe. The Elonroad project exemplifies the potential of such initiatives, showcasing a forward-thinking approach to sustainable transport solutions in the era of electrification.

2 The Funding Rounds

# Elonroad AB: EIC Accelerator Winner Profile

Elonroad AB is a Swedish hard tech company specializing in electric road systems that enable electric vehicles to charge while driving or when parked. Founded in 2014 and based in Lund, Sweden, the company has developed an innovative charging solution that has garnered significant attention and funding.

EIC Accelerator Funding Success

Elonroad was among the 32 companies that secured funding in the January 11, 2023 EIC Accelerator cut-off. This particular funding round distributed almost €196 million to selected companies through a combination of grants and equity investments via the EIC Fund. The January 2023 call was notably competitive, with only 476 applications submitted (a 43% decrease compared to the previous call) and just 32 companies ultimately receiving funding (7% success rate).

Sweden performed strongly in this funding round, accounting for 9% of the winners, making it one of the top countries alongside the Netherlands (22%), Denmark (9%), and Ireland (9%). The funding was spread across 14 countries, with 94% of recommended funding going to beneficiaries in EU Member States.

Funding Details and Rounds

While specific details about Elonroad's exact EIC Accelerator funding amount aren't explicitly provided in the search results, the company has secured significant funding through various channels:

• EIC Accelerator Award (2023): Elonroad was awarded funding through the highly competitive EIC Accelerator program in January 2023. The funding likely included a blend of grant and equity investment, as this was the most common funding type in that call (53% of awarded projects).
• Commercial Order (2023): In September 2023, Elonroad secured an order worth up to 95 million Swedish krona (approximately €8.3 million) to roll out its technology in France, marking a significant commercial milestone for the company.

Company Valuation and Structure

According to available data, Elonroad has an estimated enterprise value of $11-16 million. The company has between 11-50 employees and is registered in Sweden with company register number 556981-5862.

Technology and Impact

Elonroad has developed a 100% automated high-tech electric road system that can charge all types of electric vehicles both when parked and while driving. Their technology offers several significant advantages:

• Cost Reduction: A 2023 McKinsey & Company case study demonstrated that Elonroad's dynamic charging technology, together with its software, reduces the total cost of ownership (TCO) by 40% over a ten-year period compared to traditional charging stations.
• Energy Efficiency: The company's software contributes to a 30% reduction in power consumption compared to traditional EV chargers by effectively mitigating peak loads and reducing operational costs.
• Battery Optimization: Elonroad's solution can reduce the required battery capacity on vehicles by 30% or more compared to traditional EVs, thereby reducing the need for battery recycling and making ports more sustainable.

Leadership

Karin Ebbinghaus serves as the CEO and Co-founder of Elonroad. The company is notable for having a woman founder, which aligns with the upward trend in female winners in the EIC Accelerator program. In the January 2023 call, 40% of winners had a female CEO, CTO, or CSO, which was the highest share to date.

Recognition and Partnerships

Elonroad has received recognition as part of the EIT ecosystem and has been named a Nordic Rising Star in 2022. The company is also testing its technology in various locations, demonstrating the practical applications of its innovative charging system.

Sources: - EIC Accelerator winners and statistics January 2023 - Strata.team

• Elonroad company information, funding & investors - Dealroom.co
• Elonroad rolls out in France - orders worth 95 million
• EIT COMMUNITY BUSINESS CREATION & ACCELERATION

3 The Press Releases

Elonroad AB: A Swedish Innovator in Electric Mobility

Elonroad AB, a pioneering Swedish company, has been making significant strides in the electric mobility sector. On January 11, 2023, Elonroad AB successfully secured funding from the European Innovation Council (EIC) Accelerator, a prestigious program under Horizon Europe that supports groundbreaking innovations. This achievement highlights Elonroad's innovative approach to electric vehicle charging solutions.

Technology and Innovation

Elonroad AB is renowned for its on-the-go charging system designed specifically for heavy electric vehicles in ports and other closed-loop environments. This technology aims to accelerate the electrification of transportation by offering a seamless and efficient charging experience, which is crucial for the widespread adoption of electric vehicles in industries such as logistics and shipping.

Recent Achievements

In addition to the EIC Accelerator funding, Elonroad AB has also been recognized for its innovative contributions to mobility. The company was awarded the European Startup Prize for Mobility, a prestigious honor that underscores its impact in the sector. This recognition further emphasizes Elonroad's position as a leader in electric mobility solutions.

Leadership

Karin Ebbinghaus, CEO and Co-founder of Elonroad AB, has been instrumental in guiding the company's growth and innovation. Under her leadership, Elonroad has experienced increased demand for its products and services across the EU, aligning with the region's accelerating electrification efforts.

Press Releases and Updates

Elonroad AB regularly updates its website with news and achievements. The company's press releases often highlight its technological advancements, partnerships, and participation in significant industry events. These updates provide insights into Elonroad's strategic developments and its role in shaping the future of electric mobility.

Conclusion

Elonroad AB's success in securing EIC Accelerator funding and its recognition in the mobility sector underscore its commitment to innovative electric vehicle charging solutions. As the company continues to expand its reach and develop new technologies, it remains a significant player in the European electric mobility landscape.

Sources:

• EIC Accelerator winners and statistics January 2023
• EIC Accelerator 11 January Cut-Off
• Elonroad on second place in mobility competition

4 The Technology Advancements

Current Capabilities of Elonroad AB

Elonroad AB, a Swedish company, specializes in developing innovative electric road systems that enable conductive charging for electric vehicles (EVs) while driving or parked. Their technology is designed to be vehicle-agnostic, allowing it to work with all types of EVs. This approach not only reduces CO2 emissions but also lowers the total cost of ownership by minimizing the need for large batteries and reducing grid demand.

Advancements Since EIC Accelerator Funding

Following their successful EIC Accelerator funding in January 2023, Elonroad has continued to advance its technology and market presence. The company has been focusing on enhancing its conductive charging solutions, which offer higher efficiency compared to inductive charging systems. Elonroad's technology achieves an efficiency of 97%, significantly higher than the typical efficiency rates of inductive systems, which can lose up to 30% of energy.

Technology Improvements

Elonroad has improved its charging rails, which can now support charging processes of up to 300 kW per vehicle. This technology allows for dynamic charging on roads and can be used in various settings, such as logistics hubs and public roads. The company's solutions also enable smaller battery sizes, which can reduce vehicle costs. For example, in a recent project with Kalmar, Elonroad demonstrated that batteries could be 50 to 80% smaller.

Market Demonstrations

Since receiving the EIC funding, Elonroad has made significant strides in demonstrating its technology in real-world settings. In 2023, Elonroad began testing its dynamic charging solution on a 2.5 km motorway trail in Paris, France, with plans to expand up to 4,000 meters by 2030. Additionally, the company partnered with an American Walmart supplier and energy company to initiate a pilot program in the U.S., marking its first collaboration in the region.

New Features and Patents

While specific new patents filed by Elonroad since January 2023 are not detailed in available sources, the company has been focusing on refining its existing technology and expanding its applications. Their electric road system involves laying conductive rails on roads to charge EVs, a concept that has been likened to a "giant Scalextric" setup. No recent scientific studies or whitepapers have been specifically highlighted in the available information.

Production and Expansion

Elonroad is planning to establish a production facility in Troyes, France, aiming to create up to 500 industrial jobs by 2027. This expansion is part of their strategy to rapidly deploy their technology across European motorways, with targets to equip thousands of kilometers by the mid-2030s.

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Sources: - Elonroad

• Elonroad Enters the USA
• Elonroad | The New Electric Road - Future Transport-News
• Swedish road-based charging solutions stir up EV mobility - Nefco
• Swedish startup wants to 'stream energy like music' on electric roads
• EIT COMMUNITY BUSINESS CREATION & ACCELERATION
• Kalmar tests conductive charging during operation with Elonroad
• ELONROAD reinvents electric charging in Eastern France

5 The Partnerships and Customers

Elonroad AB's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Swedish cleantech innovator Elonroad AB has significantly expanded its partner network since securing EIC Accelerator funding, focusing on dynamic charging infrastructure for electric vehicles (EVs). Below is a detailed breakdown of their collaborations and market impact:

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Key Partnerships and Customers

• Bring (PostNorway): Collaborated to deploy a 150kW heavy goods vehicle (HGV) charging system in Malmö, emphasizing automated charging for logistics fleets.
• Kalmar: Partnered to trial dynamic EV charging for heavy-duty vehicles, aiming to enhance sustainability in port operations and cargo handling.
• VINCI Group: Co-developed Gen 2 electric road technology on the A10 highway near Paris as part of a consortium, marking one of Europe’s first highway-integrated dynamic charging projects.
• ESL (USA): Entered the U.S. market via a partnership with Walmart supplier ESL to pilot automatic charging solutions for electric refrigerated transport vehicles.

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Nature of New Relationships

• Technology Validation: Partnerships with Kalmar and VINCI demonstrate real-world applicability in ports and highways, critical for sector-specific adoption.
• Geographic Expansion: The ESL collaboration represents Elonroad’s first U.S. foothold, targeting cold-chain logistics—a high-growth EV segment.
• Ecosystem Development: Participation in EU-backed consortia accelerates R&D for modular systems compatible with autonomous vehicles.

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Market Positioning and Technology Advancements

Elonroad’s partnerships position it as a leader in conductive EV charging infrastructure:

Dynamic charging trials also advance software capabilities, including real-time energy management using embedded road sensors—key for future autonomous vehicle integration.

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Sources Used

Partners - Elonroad | Elonroad | Bring - Elonroad | Kalmar Partnership | Unreasonable Group Profile | SET100 Database Entry | U.S. Market Entry Announcement

6 The Hiring and Company Growth

Elonroad AB's Team Growth and Scaling Strategy Post-EIC Accelerator Funding Since securing EIC Accelerator funding in January 2023, Elonroad AB has focused on international expansion and infrastructure development to scale its electric road technology. While exact headcount figures are not publicly disclosed, the company’s leadership structure and recent partnerships indicate strategic team growth:

• Leadership Structure: The management team includes CEO Karin Ebbinghaus, CTO Dan Zethraeus (founder), CIO Kim Malmberg Svedmark, CFO Adam Ljungqvist, and COO Anna Wieslander.
• Expansion into France: By late 2023, Elonroad announced plans to establish a French production plant in Troyes targeting 7 employees initially, scaling to 50 by 2025 and up to 500 by 2027. This suggests aggressive hiring in engineering, manufacturing, and operations roles.
• Key Positions: Recent focus areas include roles related to rail installation (mechanical engineers), power electronics specialists (for the 300 kW charging system), and project managers for pilot deployments like the A10 motorway dynamic charging project.
• Strategic Hires: Partnerships with Hydro (aluminum rail production) and Vinci (infrastructure deployment) imply cross-functional teams for materials science integration and large-scale implementation.

Growth Drivers Post-Funding
Elonroad’s workforce expansion aligns with its goal of deploying 5,000 km of electric roads by 2030. The company credits its Lund pilot (EVolution Road) for validating conductive rail durability under seasonal conditions—a technical milestone requiring specialized maintenance teams. Its shift from surface-mounted (on-road) to embedded (in-road) rails after May 2024 testing further highlights R&D recruitment needs for high-speed vehicle compatibility.

No major changes in founding leadership are reported as of mid-2024. However new executive hires—particularly in France—are expected to drive localized manufacturing capabilities critical for EU-wide adoption.

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Sources

• Meet the team - Elonroad
• Swedish Transport Administration electric road program - Wikipedia
• ELONROAD reinvents electric charging in Eastern France
• Elonroad teams with Hydro

– Elonroad | Innovation at Lund University

7 The Media Features and Publications

Elonroad AB: Media Features and Public Engagements Since 2023

Media Features & Publications

Elonroad AB has been prominently featured in international tech and sustainability publications. BBC News highlighted their conductive charging technology trial on Sweden’s Evolution Road, where electric vehicles charge dynamically while driving. Sifted emphasized the company’s vision to “stream energy like music” through electric roads, aligning with national plans in Sweden and France to build hundreds of kilometers of such infrastructure. Warp News detailed Elonroad’s SEK 83 million grant from the Swedish Transport Agency for its Evolution Road project, underscoring its potential to reduce battery dependency.

Podcasts & Interviews

While no direct podcast appearances by Elonroad’s team were identified in the provided sources, CEO Karin Ebbinghaus has actively engaged in media interviews. For example, she discussed Elonroad’s role as an “enabler” for electrification at Expo 2020 Dubai, comparing their infrastructure to broadband connectivity for digitalization.

Conferences & Fairs

Elonroad participated in Sweden Canada Innovation Days 2023, showcasing its conductive charging track as a solution for efficient EV charging integration into roadways. The company also co-organized the March 2024 conference Charging Ahead: The Electrification of Transportation Infrastructure in Lund. During this event, Ebbinghaus presented Elonroad’s technology alongside industry experts from E.ON Energy Networks and HHLA Next. Earlier engagements include securing second place at the European Startup Prize for Mobility (October 2023), recognized for advancing sustainable transport solutions.

Event Involvement

Beyond conferences, Elonroad collaborates on EU-funded projects like Evolution Road. Their participation emphasizes real-world testing of dynamic charging systems and data-driven optimization using IoT sensors embedded in road infrastructure.

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Sources

• BBC: The electric roads that charge your car as you drive
• Sifted: Swedish startup wants to "stream energy like music"
• Warp News: Elonroad wants electricity on the road
• Expo 2020 Dubai coverage by Warp News
• Sweden Canada Innovation Days 2023 profile
• Charging Ahead conference (March 2024)
• European Startup Prize for Mobility win (October 2023)