RO developer of ultrafast e-vehicle charging network in talks for EUR 5 mln financing
Romanian start-up Watto, which is building a regional network of ultra-fast charging stations for electric vehicles, has started talks with investors for the second round of financing, worth EUR 5 million.
The company will use the money to start building the network's first two locations, which could be ready in the first half of 2022, explained Daniel Pintilie, CEO of Watto.
After concluding the current discussions, Daniel Pintilie wants to apply immediately for EU funds.
"We have an ambitious plan. We are in talks with several investors for the second round of financing, which would allow us to build the first two pilot locations. We have also applied for European grants worth EUR 3.5 million, and we are waiting for a response by the end of the year," said Pintilie, quoted by Ziarul Financiar. He believes that the discussions with the investors will generate a deal by the end of 2020.
Watto is a project started in 2019, which has already attracted a round of funding from local investment fund Early Game Ventures.
The company aims to develop dozens of charging stations in the region, in Poland, Hungary, Romania, Bulgaria, and Greece, and become a big international player.