EVAR Raises $16.88 Million in Series B Funding for Electric Vehicle Charging Solutions

EVAR, an electric vehicle charging solution company, has raised $16.88 million in Series B funding.

The round was led by Korea Development Bank (KDB), Samsung Securities -SBI Investment, DSC Investment-SCHMIDT, Envisioning Partners, Hanwha Investment & Securities, and ORIX (Japan). EVAR is the first domestic charger manufacturer to attract foreign investment.

“The participation of KDB, a policy-based financial institution, increased the external credibility of our company, which helped us attract foreign investment, and we were able to raise more than twice the amount of our initial target,” said EVAR.

EVAR is a company that started with mobile charging solutions such as autonomous EV charging robots and trolley chargers. It was the 35th spin-off from Samsung Electronics’ C-Lab venture program in 2018, and received investments from NAVER D2SF and SCHMIDT in its early days.

Today, EVAR has delivered nearly 20,000 standard chargers across the country and is deploying the world’s largest smart load-balancing charging infrastructure. Smart Load Balancing is a technology that distributes limited power resources across multiple chargers and is widely used for efficient power distribution. In May this year, EVAR launched the Smart EV Charger 2.0, the world’s first AC charger equipped with a fire detection solution to support fast and effective first response in emergency situations.

EVAR was recognized at CES, the world’s largest technology show, where it won five innovation awards for two consecutive years starting in 2022, and is also targeting the North American market with a $2.5 million supply contract in Canada.

“With this investment, we will secure excellent technical talent, introduce high-quality fast-charging infrastructure to EV users by the end of the year, and take the lead in expanding overseas, including the United States and Japan,” said Hoon Lee, CEO of EVAR. “In addition, we will develop into a company that leads the world in energy efficiency through smart grids and intelligent demand management (DR), contributing to the creation of a carbon-neutral and sustainable earth.”