Evlomo Technologies aims to roll out super-fast DC charging network for EVs across Thailand
Evlomo Technologies has secured a valuation of US$210 million (THB6.85 billion) in its latest round of funding and will roll out a super-fast DC charging network across Thailand from this year, the firm said in press release.
The move aims to alleviate range anxiety among EV drivers and help make the experience of driving and charging an electric vehicle convenient.
The latest investment from Deer Isle Group in the company comes as the transition to electric mobility accelerates in Thailand.
Deer Isle is a fintech investment banking and advisory firm based in New York, which has raised more than $5 billion in capital since its founding, the press release said.
Evlomo is also creating an 8 GWH battery plant in Thailand’s Eastern Economic Corridor with an investment of $1.2 billion under a separate unit, to cover all aspects of e-mobility.
“The rapid growth of EVs in the coming years will necessitate greater charging infrastructure,” said the CEO/president and founder of Deer Isle Group, Dianna Raedle, who will join the Evlomo board. “Evlomo Technologies has the early advantage in building an EV charging network in Thailand, one of the largest auto markets in the world, providing easy access to EV drivers, and Deer Isle is proud to be a part of its growth journey,” she added.
Thailand has a goal of seeing 1 million EVs on its roads by 2025, with 15 million expected 10 years from now.
Evlomo is focused on addressing the EV charging infrastructure needs of the rapidly growing electric vehicle segment in Thailand and is working in line with the government’s vision of making Thailand the EV hub of the region, the press release added.
“We are working hard to make it easy for electric vehicle drivers to access EV charging stations,” Evlomo CEO Nicole Wu said.