EZvolt, a Brazilian startup dedicated to providing electric vehicle charging services in residential and commercial condominiums, has raised a round of USD $2 million from Vibra Venture, the investment arm of Vibra, which is Brazil’s largest distributor of petroleum derivatives and biofuels.
This follow-up investment comes one and a half years after Vibra’s initial capital injection, which was USD $1 million when it was launched.
With this capital injection, EZVolt will initiate several projects, including the launch of ultra-fast electric charging stations in Rio de Janeiro.
The city government selected this startup to participate in an innovation project called Sandbox Rio. It will allow them to install their electric charging stations in strategically located public places throughout the metropolis.
Additionally, EZVolt will participate in carbon credit generation through fleet replacement and will enter the vehicle charging market.
“EZVolt has grown exponentially since Vibra’s initial investment. With this new funding, we will focus heavily on new charging solutions for truck fleets, rideshare vehicles, and buses.”
“We have obtained approval from Verra for our carbon credit generation project in the regulated market. This will be a significant advantage for all multinational companies using our services in the coming years,” said Gustavo Tannure, CEO of EZVolt.
According to estimates from Statista Mobility Market Outlook, Mexico is the largest market for battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) sales in all of Latin America, with a total of more than 4,500 new units sold in 2021, a volume slightly lower than the combined estimate for Colombia, Chile, and Costa Rica last year.
Currently, EZVolt operates in 13 states in Brazil and has deployed more than 600 chargers, facilitating approximately 16,000 battery recharges per month. The Brazilian startup commenced operations in 2019.