1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator is a prominent funding initiative under the European Innovation Council (EIC), designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. It aims to facilitate the commercialization of high-risk, high-potential innovations, particularly in the DeepTech sector, which encompasses advanced technologies such as artificial intelligence, biotechnology, quantum computing, and more. The program recognizes that innovative companies often face significant challenges in securing financing and scaling operations, particularly in their early stages.
Funding Types
The EIC Accelerator offers two primary types of funding: grants and equity investments.
- Up until 2024, companies could receive equity investments up to €15 million.
- Since 2025, this amount has been adjusted to €10 million. This funding typically comes from the EIC Fund, which invests in innovative companies in exchange for equity stakes, aiding in their growth and market penetration.
Purpose in the European DeepTech Ecosystem
The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by:
- Promoting Innovation: It encourages the development of groundbreaking technologies and solutions that can address pressing societal challenges, such as climate change, healthcare, and sustainable energy.
- Fostering Collaboration: The program promotes synergies between startups, SMEs, research institutions, and larger corporations, fostering an environment of innovation and knowledge exchange.
- Enhancing Competitiveness: By providing funding and support, the EIC Accelerator helps European companies compete on a global scale, particularly against established players in technology-driven markets.
- Reducing Funding Gaps: It addresses the funding gap that often exists in the early stages of a company’s lifecycle, where traditional venture capital may be less willing to invest due to perceived risks.
Role in Scaling and Private Sector Funding
The EIC Accelerator is instrumental in helping companies scale by:
- Providing Initial Capital: The blended finance model (combining grant and equity funding) allows startups to utilize initial funds for research and development without the immediate pressure of repayment or profitability, thereby fostering innovation.
- Attracting Additional Investment: The involvement of the EIC and its funding can enhance a company's credibility, making it more attractive to private investors. Companies that have received EIC funding often find it easier to secure follow-on investments from venture capitalists and other private sector investors.
- Supporting Market Entry: By assisting with the commercialization process, the EIC Accelerator enables companies to enter the market more rapidly, which is crucial for maintaining a competitive edge in fast-paced industries.
MultiCharge OU and Project ACT Overview
Company Name: MultiCharge OU
Project Acronym: ACT
Project Description: The ACT project centers around the development of a unique controller technology, known as Ampher, which allows for the optimal utilization of grid capacity. This technology enables the simultaneous charging of up to six times more electric vehicles (EVs) with the same grid connection, promoting efficient energy management and supporting the transition to sustainable transportation.
Funding Type: Blended finance under the EIC Accelerator
Website: MultiCharge OU (hypothetical, provided for context)
Country: Estonia
Date of Cut-off: June 16, 2021
Technology Basics and Background
The Ampher controller technology developed by MultiCharge OU is a cutting-edge solution designed to address one of the significant challenges in the electric vehicle charging infrastructure: grid capacity limitations. Traditional charging systems can often become bottlenecks, especially in urban areas where demand for EV charging is rapidly increasing.
Key Features of Ampher Technology:
Overall, the EIC Accelerator’s support for MultiCharge OU and its ACT project not only advances the company’s technological capabilities but also contributes to the broader goal of enhancing the sustainability and efficiency of electric vehicle charging infrastructure across Europe. This initiative is part of a larger movement towards a greener economy, aligning with EU objectives for climate action and energy efficiency.
2 The Funding Rounds
Since receiving the EIC Accelerator funding on June 16, 2021, MultiCharge OÜ, an Estonian company specializing in electric vehicle (EV) charging solutions, has secured additional funding and undergone significant developments.Additional Funding:
Investor Information:
The company's shareholding structure has evolved over time. As of June 9, 2023, the ownership was distributed as follows:
- Hiiu Vänt OÜ: 34.39%
- Mechatronic OÜ: 31.39%
- Hindrik Kilter: 18.18%
- MultiCharge OÜ: 10.04%
- Kakssarvik OÜ: 3.00%
- Elar Nellis: 1.50%
- Ülar Nellis: 1.50%
The beneficial owners include Juhan Härm, Sander Vahtras, Hindrik Kilter, Silver Toomla, Ülar Nellis, and Elar Nellis. (ariregister.rik.ee)
Company Valuations and Financial Performance:
In 2023, MultiCharge OÜ reported net sales of €303,509, a significant increase from €17,567 in 2022. However, the company reported a net loss of €1,649,418 in 2023, compared to a profit of €266,020 in 2022. (ariregister.rik.ee)
As of April 2025, there is no publicly available information regarding additional funding rounds, valuations, or exit events beyond the Horizon Europe funding in November 2021.
3 The Press Releases
Since receiving the EIC Accelerator funding on June 16, 2021, MultiCharge OÜ, operating under the brand name VOOL, has made several notable advancements in the electric vehicle (EV) charging sector.Product Development and Market Expansion
VOOL has developed a smart EV charger designed for both home and workplace use. This charger offers up to 22 kW of charging power and is compatible with all EVs and plug-in hybrids. It features a modular design for easy installation and maintenance, ensuring efficient charging without overloading the grid. Additionally, the charger helps users monitor electricity prices, potentially leading to cost savings. (vool.com)
Strategic Partnerships
In 2022, VOOL secured a €3 million investment led by Horizon 2022, which facilitated the scaling of their team, finalization of their initial product line, and increased recognition as a fast-growing company in Estonia. A subsequent funding round in early 2023 further supported their expansion into the European EV charging market. (vool.com)
Technological Advancements
VOOL's patent-pending smart charging controller technology enables the utilization of the full available grid capacity, allowing for the simultaneous charging of more EVs with the same grid connection compared to current technologies. (eic.ec.europa.eu)
Team and Operational Updates
The Horizon 2022 investment enabled VOOL to expand its team, enhancing their capacity to develop and deploy innovative EV charging solutions. (vool.com)
Patents and Intellectual Property
VOOL has developed a patent-pending smart charging controller technology, though specific details about the patent application are not publicly disclosed. (eic.ec.europa.eu)
Press Releases and Public Communications
VOOL has actively communicated its developments through various channels, including their official website and social media accounts. Their website provides detailed information about their products, solutions, and company news. (vool.com)
In summary, since receiving the EIC Accelerator funding, MultiCharge OÜ has made significant strides in product development, secured strategic investments, and advanced its technological capabilities in the EV charging industry.
4 The Technology Advancements
MultiCharge OÜ, operating under the brand name VOOL, is an Estonian company specializing in electric vehicle (EV) charging solutions. Their primary product is a smart charging controller that enables the utilization of the full available grid capacity, allowing more EVs to charge simultaneously on the same grid connection compared to existing technologies. (eic.ec.europa.eu)In June 2021, MultiCharge OÜ received funding from the European Innovation Council (EIC) Accelerator program, which supports innovative companies in scaling up their operations. (eic.ec.europa.eu)
Since receiving the EIC Accelerator funding, MultiCharge OÜ has made significant advancements:
- Product Development: The company has finalized its initial product line, focusing on EV chargers and accessories. (vool.com)
- Market Expansion: A €3 million investment led by Horizon 2022 has enabled the company to scale its team and prepare for mass production of its EV chargers and accessories. (vool.com)
- Technological Enhancements: VOOL's smart charging controller technology has been developed to safely and efficiently access 100% of Europe's three-phase power connections, addressing the issue of underutilized electrical capacity. (vool.com)
Regarding market demonstrations, specific details about customer deployments, pilot projects, or clinical trials are not publicly available. However, the company's progress in product development and market expansion indicates active engagement in bringing their technology to the market.
As for intellectual property, there is no publicly available information indicating that MultiCharge OÜ has filed new patents or published scientific studies, clinical trials, or whitepapers since receiving the EIC Accelerator funding.
In summary, MultiCharge OÜ has utilized the EIC Accelerator funding to advance its EV charging technology, expand its team, and prepare for mass production, positioning itself as a key player in the EV charging market.
5 The Partnerships and Customers
Since receiving the EIC Accelerator funding on June 16, 2021, MultiCharge OÜ, an Estonian company specializing in electric vehicle (EV) charging solutions, has made significant strides in expanding its partnerships and customer base.New Partnerships:
In November 2023, MultiCharge OÜ secured €8.8 million in funding from the EIC Accelerator and private sector investors. This investment is intended to support the company's growth and technological advancements in the EV charging sector. (tallinn.ee)
New Customers:
While specific details about new customers are not publicly disclosed, the substantial funding is expected to enable MultiCharge OÜ to expand its market presence and customer base across Europe.
Nature and Purpose of New Relationships:
The funding aims to accelerate the development and mass production of MultiCharge OÜ's innovative charging solutions. By leveraging this investment, the company plans to enhance its product offerings and increase the deployment of EV charging stations, thereby contributing to the broader adoption of electric vehicles.
Market Positioning:
The strategic partnerships and funding position MultiCharge OÜ as a leading provider of advanced EV charging solutions in Europe. The company's unique controller technology, which allows for the simultaneous charging of multiple EVs using the full available grid capacity, differentiates it from competitors and meets the growing demand for efficient and scalable charging infrastructure.
Technology Advancements and Scaling:
The investment will facilitate the scaling of MultiCharge OÜ's operations, enabling the company to increase production capacity and accelerate the deployment of its charging solutions. This scaling is crucial for meeting the rising demand for EV charging infrastructure and for advancing the company's technological capabilities in the sector.
In summary, the funding and partnerships secured by MultiCharge OÜ since June 2021 have significantly bolstered its market position, technological development, and capacity to scale operations, thereby contributing to the advancement of sustainable transportation solutions in Europe.
6 The Hiring and Company Growth
MultiCharge OÜ, an Estonian startup specializing in electric vehicle (EV) charging solutions, received €3 million in funding from the European Innovation Council (EIC) Accelerator program on June 16, 2021. (prototron.ee) This funding aimed to support the development of their innovative charging technology, which enables the simultaneous charging of more EVs using existing grid connections.Team Growth and Hiring:
Following the EIC Accelerator funding, MultiCharge OÜ focused on expanding its team to accelerate product development and market entry. In November 2021, founder Juhan Härm emphasized the importance of hiring new developers to meet their goals. He stated, "Much depends on how quickly we can hire new developers in our team." (prototron.ee)
However, specific details regarding the number of new hires, current headcount, or key positions filled post-funding are not publicly available. The company has not disclosed its current team size or whether it is actively hiring.
Company Growth and Future Outlook:
The EIC Accelerator funding was intended to enable MultiCharge OÜ to develop and market its unique EV charging solution. The technology aims to optimize grid capacity by allowing the simultaneous charging of more vehicles without overloading the existing infrastructure. This innovation positions the company to address the growing demand for efficient EV charging solutions in Europe.
While specific metrics on the company's growth since receiving the funding are not publicly disclosed, the investment underscores the potential impact of MultiCharge OÜ's technology in the EV charging sector. The expansion of their team, particularly in development roles, is crucial for scaling operations and bringing their product to market.
Management and Founding Team:
As of the latest available information, there have been no major changes reported in MultiCharge OÜ's management or founding team. Founder Juhan Härm continues to lead the company, focusing on product development and strategic growth initiatives.
In summary, while MultiCharge OÜ has made significant strides in securing funding and planning for team expansion, detailed public information regarding their hiring activities, current team size, and specific growth metrics post-funding remains limited.
7 The Media Features and Publications
Since receiving the EIC Accelerator funding on June 16, 2021, MultiCharge OÜ, an Estonian startup specializing in electric vehicle (EV) charging solutions, has been featured in several media outlets. Below is a summary of their media coverage, publications mentioning the company, and their involvement in various events:Media Features:
- Prototron (November 8, 2021): An article highlighted MultiCharge OÜ as the only Estonian startup to receive €3 million from the EIC Accelerator program. The piece detailed their innovative EV charging solution that optimizes grid capacity by allowing the charging of more vehicles simultaneously without overloading the existing network. (prototron.ee)
- European Commission's EIC Fund Portfolio: The European Commission's official website features MultiCharge OÜ as part of its EIC Fund portfolio, emphasizing their development of charging controllers and solutions for electric vehicles. (eic.ec.europa.eu)
Publications Mentioning MultiCharge OÜ:
- Prototron (November 8, 2021): The article titled "MultiCharge got 3 million € from the Horizon Europe programme" discusses the funding received by MultiCharge OÜ and their plans to develop an innovative EV charging solution. (prototron.ee)
- European Commission's EIC Fund Portfolio: The European Commission's page on EIC Accelerator beneficiaries includes MultiCharge OÜ, detailing their innovative charging solutions for electric vehicles. (eic.ec.europa.eu)
Content from Publications:
- Prototron Article (November 8, 2021): The article provides insights into MultiCharge OÜ's funding and their plans to develop an innovative EV charging solution. (prototron.ee)
- European Commission's EIC Fund Portfolio: The European Commission's page offers information about MultiCharge OÜ's participation in the EIC Accelerator program and their focus on EV charging solutions. (eic.ec.europa.eu)
Podcasts or Interviews:
As of the available information, there are no specific podcasts or interviews featuring the team of MultiCharge OÜ since June 16, 2021.
Conference and Fair Visits, Presentations, or Participations:
The available information does not specify any conference or fair visits, presentations, or participations by MultiCharge OÜ since June 16, 2021.
Involvement in Events:
The available information does not detail any specific events involving MultiCharge OÜ since June 16, 2021.
Please note that the information provided is based on the available sources and may not encompass all media features, publications, or events involving MultiCharge OÜ since their EIC Accelerator funding.