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Danish EV charger software application company Monta expands into US market

Denmark's Monta, which develops software application services for the electrical car charging industry, has actually broadened into the U.S. market and aims to have one million charging points connected to its platform within five years, the business said on Tuesday.

We've been trying to find a while at the U.S. market, which has been a number of years behind Europe for EV adoption, CEO Casper Rasmussen, who has relocated to Miami to manage the U.S. growth, told Reuters. It's a very large market, so we want to be there when it begins getting.

Earlier this year Monta raised 80 million euros ($ 87. million) of Series B financing to increase research study and. advancement spending and expand its partner network.

The Copenhagen-based business has now raised a total of 130. million euros considering that its founding in 2020.

Monta's platform helps charging business handle their. networks while likewise supplying consumer-facing apps revealing EV. owners where to find and book battery chargers.

U.S. EV sales have actually soared by over 140% because the start of. 2023, but extra development may be prevented by a far slower and. more uneven rollout of public charging stations.

The Biden administration has actually faced criticism for the slow. release of EV charging stations from a $5-billion U.S. federal government programme created in 2021. In August, the. administration revealed $521 million in charging infrastructure. grants.

Rasmussen stated Monta had actually seen a growing number of U.S. regional charging business set up to complete in this growing. market.

It's a race on who gets the most established and who can make a. profitable organization, Rasmussen said. Then in a few years,. they'll begin consolidating.

In 2023 Monta added some new strategic partners including. Siemens and stated its yearly recurring earnings grew. 600%, though it did not supply specific numbers.

(source: Reuters)