Existing backers power up Brisbane EV charging startup with $5 million Series A

A Brisbane startup focused on fleet energy management and AC charging for electric vehicles (EVs) has raised $5 million in a Series A from existing investors.

EVOS was cofounded by three former employees of the Nasdaq-listed Queensland fast charging company Tritium. It previously raised $1.7 million in a Seed round two years ago and since then has added 22 employees to its manufacturing, sales and engineering departments,.

Cofounder and CEO Marcelo Salgado said the company is set to release a new home charger in the Queensland capital later this month in the wake of the round.

“This investment validates all the hard work the team has put in since we launched our company, and it shows the belief our investors have in a home-grown manufacturer being able to deliver game-changing offerings for Australians,” he said.

“Since launching, we’ve unveiled our first charger, the Fleet Home 22 AC Charger and our patented Smart Start solution to help fleet and EV owners simplify and reduce the cost of charging.

“We now have a number of new products on the roadmap and this investment will help bring them to market much more quickly.”

The EVOS Fleet Home22 AC Charger was the first Australian-made home charger to hit the market. It was designed to help fleet businesses better manage costs and energy, while being easily installable and uninstalled and to simplify the charging experience for drivers. The company’s energy management system chooses the ideal idle time for the charger to charge the vehicle, whether its overnight in non-peak periods or during business hours. It can also control charge rate, speed and power to ensure owners can manage their energy output, reducing the costs of charging at home.

Sales of electric vehicles continue to grow strongly in Australia, with EVs making up 8.8% of new motor vehicles sold in June this year. It was a record level, with a 10-fold increase on 12 months ago, with 11,042 EVs sold compared to 1137 in June 2022.

The Chinese-manufactured Tesla Model Y continues to be the market leader, with a record 5560 sales reported amid 7018 Tesla vehicles delivered to Australia in June.

The Model Y was second highest selling vehicle in June behind the Toyota Hi-Lux at 6,142 vehicles.

That figure beats the previous best of 5969 Tesla sales in September 2022, including 4359 Model Y vehicles.