Rapidus was first to report that Elonroad, the Lund-based pioneer in in-road electric vehicle charging technology, has secured €8.3 million (SEK 90 million) in a new funding round from three international investors. This investment marks a significant milestone for the company, which has long sought backers who understand both its unique technology and market potential.
The funding round includes HICO Investment Group, a Singapore-based family office with a background in shipping, aligning well with Elonroad’s focus on port logistics. HICO will become Elonroad’s third-largest shareholder, with its CEO, Chris Hartnoll, joining the board. The other investors are Tamar Ventures (USA) and Butterfly Ventures (Finland), a deep tech specialist.
“At Elonroad, we believe electrification requires not only smarter software, but smarter infrastructure. Infrastructure that keeps operations moving while contributing to a more resilient and efficient energy system. This investment will help us accelerate deployment across ports, logistics hubs and industrial transport operations globally,”
says Karin Ebbinghaus, CEO at Elonroad
The current funding round is reported to value Elonroad at €22 million pre-money, reflecting growing confidence in hardware-focused solutions after a long period of investor hesitation. The funds are expected to sustain the company for 1.5 to 2 years, with the potential for additional capital depending on market development and ambition.
“While much of today’s conversation revolves around AI, software and digitalization, we still live in a physical world. Goods need to move, ports need to operate, and energy needs to reach vehicles and machines when and where it’s needed,”
says Karin Ebbinghaus
This capital injection provides Elonroad with the financial stability needed to intensify sales efforts and industrialize its product, transitioning from small-scale prototypes to commercial deployment. The company’s most significant commercial success to date is a €1.9 million contract with a California port terminal, won nearly two years ago. This deal has solidified port logistics as Elonroad’s primary market.
