Developer of charging solutions for commercial electric vehicles TUAL announces it has raised £1.5 million in new funding.
Led by one of Europe’s physical technology investment funds PT1, the cash will accelerate TUAL’s mission to deploy high-power charging for “those mission-critical fleets who have the most to lose when charging fails”, it said.
The round also includes participation from Ascension Ventures, the UK-based early-stage fund, and P3A, the German investment firm specialising in energy, utilities, real estate and infrastructure technology.
PT1 already has investments in Voltfang and Terra One with its involvement due to TUAL’s ability to deliver a scalable, infrastructure-led model for dependable commercial EV charging, it said.
Ascension and P3A add further depth to TUAL’s new investor portfolio, with the investors representing a cohort of European infra-tech specialists “who understand the crucial role that battery-integrated charging will play in enabling fleets, ports and industrial operators to electrify at scale”, it added.
The investment will enable TUAL to accelerate development and move into full-scale production of its production-specification PowerUp battery-buffered DC charging system.
TUAL’s new funding will also support the expansion and proving of field operations across the UK ahead of a wider European launch.
Philip Clarke, Founder and CEO at TUAL, said:
“Europe’s infrastructure-tech investors recognise the scale of the challenge ahead. They understand energy, the role of batteries, heavy industry, and the complex financing required to build the next generation of infrastructure. Their backing is a strong validation of both our technology and our operating model – and their networks will allow us to scale significantly faster across Europe.
“This funding allows us to accelerate production of the PowerUp system and build out field operations ahead of our European launch. It’s great to have such committed endorsement, and we’d like to thank PT1, Ascension and P3A for their trust, expertise and shared commitment to building the charging infrastructure that commercial electrification urgently requires.”
Graphic courtesy of TUAL
