EVAR Secures $ 16 million in Series B Investment for EV Charging Solution, Attracts Foreign Backing - KoreaTechDesk | Korean Startup and Technology News
Summary
EVAR, a leading Korean electric vehicle charging solutions provider, has successfully attracted 22 billion won (USD 16 million) in Series B investment. Notably, this marks the first time a domestic charger manufacturer has secured foreign investment, underlining the growing global interest in the EV industry.The involvement of KDB Industrial Bank, a policy finance institution, has significantly enhanced EVARs external credibility, leading to the successful attraction of foreign investors and surpassing its initial fundraising target by more than double.EVAR (Electric Vehicle Automatic Recharging) has emerged as a key player in the electric vehicle charging infrastructure market, having already deployed nearly 20,000 slow chargers nationwide. In line with its commitment to innovation, EVAR recently launched the Smart EV Charger 2.0, a slow charger equipped with an electric vehicle fire detection solution, enabling quick and effective responses during emergencies.The Korean startup has been honored with five innovation awards at the prestigious Consumer Electronics Show (CES) for two consecutive years, starting in 2022. In addition, EVAR has made significant inroads into the North American market, securing a supply contract worth $2.5 million in Canada.Lee Hoon, CEO of EVAR, expressed his enthusiasm about the recent investment, stating, Through this successful funding round, we will be able to attract exceptional technical talent, introduce high-quality rapid charging infrastructure to electric vehicle users within the year, and take a leading position in overseas markets, including the United States and Japan. Initially established as the 35th spin-off company of Samsung Electronics in-house venture program, C Lab, EVAR gained independence as a corporation in 2018, attracting early investments from Naver D2SF and Schmidt.As the electric vehicle market continues to gain momentum worldwide, EVARs latest Series B investment round positions the company to play a vital role in the industrys growth, solidifying its position as a leading provider of innovative and sustainable charging solutions.