01.09.2022 | News
The Swedish deep-tech electric road company Elonroad develops road-based charging solutions for electric vehicles. Nefco’s Green Recovery Loan Programme will help Elonroad to expand its automatic charging technology into new international markets.
The need for more efficient infrastructure to charge electric vehicles (EVs) is growing rapidly as more sustainable transportation is demanded. The Swedish deep-tech company Elonroad offers road-based charging infrastructure for all types of EVs while driving or parked, a solution that can speed up not just the electrification of transportation but also the construction of zero-emission roads.
The company’s innovative technology will receive financing from Nefco – The Nordic Green Bank to help it speed up the implementation of the technology globally. Nefco’s Green Recovery Loan Programme will be used to scale up an Electric Road System (ERS) test track in Europe and showcase the potential of its conductive charging roads.
Electrification of roads to accelerate greener transportation
Electric road systems (ERS) can help to mitigate greenhouse gas emissions, extend driving range and reduce the need for large, heavy batteries. Electric roads have the potential to answer the challenges faced in the electrification of logistics and urban transportation. “The tipping point for electric vehicles has passed. Now, it is a question of how to implement and keep operational times and payloads,” says Anna Wieslander, COO, Elonroad.
The company’s ERS solution enables automatic charging of vehicles while driving and being parked. It increases uptime, productivity and space efficiency. “We have successfully delivered our flagship project, Electrical Road Systems, in the city of Lund where the vehicles are charged while driving and leaving the road with more energy in the battery than before,” says Wieslander.
With ongoing pilot projects in identified markets such as harbours, mines and distribution hubs Elonroad offers solutions to transport fleets to lower their CO2 emissions in an efficient way.
Financing for road-based charging solutions
Nefco’s financing will help Elonroad to deliver the piloting track for a project in Europe, and scale up its business internationally, aiming to deploy its solutions mainly in Europe within the next couple of years.
“We will be able to take another important step in our internationalisation and scale up of production as well as trying out a new business model with the loan provided by Nefco,” comments Wieslander.
“Road-based charging solutions enable electrification of the transportation sector and make electric vehicles long haul transport more economically viable,” says Meeri Kaurissaari, Investment Officer, Nefco. “With financing from Nefco, Elonroad will be able to demonstrate the value of their ground-breaking electric road technology and push for mitigating greenhouse gas emissions and pollution in the transport sector,” adds Kaurissaari.
For further information, please contact:
Meeri Kaurissaari, Investment Officer, Nefco
meeri.kaurissaari@nefco.int, +358 10 6180 682
Mikael Reims, Vice President, Origination
mikael.reims@nefco.int, +358 10 6180 670
Anna Wieslander, COO, Elonroad AB
anna.wieslander@elonroad.com, +46 70 847 7006
About Elonroad AB
Elonroad is a Swedish tech mobility company founded in 2014 that works with road-based charging solutions for electric vehicles. The company develops and manufactures an infrastructure that enables automatic charging while driving (dynamic) or parked (static). It works for highways, city streets, ports, terminals and other closed loop operators. Elonroad has received many national and international recognitions and been included on NyTeknik’s 33 list of Swedish best tech start-ups and Norrsken’s Impact100 list. Read more about Elonroad AB at www.elonroad.com