First exit!

Grid.vc makes its first exit ever as its portfolio company Unified Chargers is sold to a Finnish publicly listed company Enersense International Oyj, which focuses on providing emission-free energy solutions. The transaction was signed on 20th of October and it is expected to be closed during November.  

“Unified Chargers has been selected by several professional EV operators and fleet owners who have visibility and experience on how the transportation will develop in the future and what the future requirements are. We want to offer our partners as extensive know-how and best products as possible and develop our services with diverse services. We warmly welcome the Unified Chargers team in to the Enersense”, says Juha Silvola, the business director of Enersense Power segment.    

Through this transaction, Unified Chargers becomes a part of well-established, publicly listed company with broad financial shoulders, which makes it easier for Unified Chargers to grow its EV charging business. In addition, the transaction help Unified Chargers to become a noteworthy technology supplier also for the larger clients, both in Finland and overseas. From synergies point of view, the transaction enables Enersense to support Unified Charger’s unique technology solutions with its comprehensive operative, maintenance and installation services. This means that in the future the company is able to offer extensive, turn-key EV charging solutions for its customers. 

Unified Charger was the second investment made from the Grid.vc I Ky fund in July 2019. The investment was made because the rapid electrification of transportation increases the demand for smart and tailored charging infrastructure. This exit shows that the Grid.vc’s operating model in which we collaborate closely with our energy industry partners all the way from deal flow analysis to commercialization of the innovation makes novel technological breakthroughs possible and improves the odds of success for startups.

Grid.vc is an active owner of its portfolio companies. In addition to board work, we are not afraid to get our “hands dirty” working with and for our portfolio companies in their business development, opening opportunities within our industry network. One of our industry partners, Leppäkoksi Group, was heavily involved in the commercialization of the Unified Charger’s technology by developing their own EV charging business based on UC solutions.  

“With Grid.vc’s funding, we were able to commercialize our innovation. In addition to funding, the Grid.vc helped us to get our first customers, and enabled us to build new business with energy utilities” says Jukka Anttonen, co-founder of the Unified Chargers.

Successful exits are the cornerstone of venture capital investing. As an early-stage investor, it is Grid.vc’s task to ensure successful product development stage and provide support in subsequent commercialization process. This exit is a good example of how Grid.vc has supported its portfolio company’s development into a significant actor in the field of emission-free transportation.  

“We wish Enersense and Unified Chargers the best of success in growing their smart EV charging solutions business. With pride and a hint of sadness we note that our developing role is fulfilled, and it is time for the Unified Chargers to move on to the next level on its growth path” concludes Jussi Teijonsalo, the managing director and partner of Grid.vc.

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Our portfolio company Unified Chargers will continue its growth with the support of Enersense. Enersense International Oyj and the shareholders of Unified Chargers signed the transaction, where Enersense acquires all the shares of Unified Chargers, on the 20th of October and closing is expected within November. Unified Chargers' EV charging technology is now proven in the Finnish market and the company needs broader shoulders to respond to increasing international demand. Grid.vc wishes the best of luck to Unified Chargers and the team in the future and thank you for the three years of co-operation!
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