CEO of Elinta Charge, which increased its turnover by 60%: the charging station market is maturing

Elinta Charge, the developer and manufacturer of electric car charging stations, increased its turnover by more than 60% last year. About two-thirds of sales revenue in 2023 The Lithuanian company generated sales in foreign countries, directing its greatest efforts not to new markets, but to strengthening its position in the existing ones – in Western Europe and Scandinavia. This year, the company plans to increase sales by at least 50%, mainly in foreign markets, expecting the most significant results in Germany and France.

Last year, the fluctuations of the world economy also slightly slowed down the growth of the electric vehicle sector. According to the head of Elinta Charge, Igno Mikučis, this means that this year we can expect somewhat more mature development of the sector and more responsible behavior of market participants, assessing the financial stability of suppliers and the quality of the offered products. “There should be less opportunists in the market who are far more concerned with short-term profits than the long-term fate of EV infrastructure in countries and cities, when it comes to providing long-lasting products,” says the head of the company that exports its products to more than 45 countries around the world. Charging stations designed and manufactured by Lithuanians can be found not only throughout Europe, but also near the Arctic Circle, in the desert of Israel, in the humid forests of Barbados and in the highlands of Nepal.

In 3 years, the turnover increased 7 times

According to preliminary data, sales revenue of Elinta Charge in 2023 increased by more than 60% to 7.7 million. euros, compared to 2022, when they reached 4.8 million. euros. Over the past three years, the company’s turnover has increased exactly 7 times – from 1.1 million euros in 2020

During the year, the number of employees almost doubled – from 25 to 47, team managers, engineers, and assembly lines were strengthened. Profit also grew by 33%, from almost 300 thousand. euros in 2022 to almost 400 thousand in 2023 “Considering that there are few manufacturers of profitable electric car charging stations in Europe, we are happy with the result. This is also proof that the market is maturing, increasingly choosing not to repeat the mistakes of the past and to purchase, although not the lowest price, but high-quality, reliable and designed equipment to work for many years”, says I. Mikutis.

Last year, the Lithuanian company increased its sales, especially in those countries where compliance with European certification and other rules, safety and quality requirements is very responsibly observed – in France, Germany, Austria, as well as in the Benelux countries, Scandinavia, which are not lagging behind in the strictness of the requirements. “Because in these markets both the competences (including technical) of their participants and regulatory authorities are high, there is an equal dialogue between the authorities and business, and both sides are looking for solutions that would be of maximum benefit to society, thinking about the future. This is exactly what is missing in Lithuania for the sector to develop successfully”, says I. Mikutis.

Among the implemented projects is a parking lot with 176 charging points

The Lithuanian company received last year’s “Eichrecht” certificate, confirming the maximum transparent electricity accounting when charging an electric car, helps strengthen its position in the aforementioned markets. Obtaining this certificate is considered one of the biggest challenges for manufacturers of electric car charging stations who want to provide public charging stations with a charged charging service in Germany and who want to participate in public procurement. “We are the only ones with such a certificate in the Baltic countries. A year later, in March at the beginning of the year, an annual audit took place, during which production and testing procedures are physically checked, and the validity of the certificate was successfully extended”, says I. Mikutis.

Among the goals achieved and projects implemented last year, it is worth mentioning the “S28” business center project in Vilnius, which has 176 charging points and provides the possibility to charge electric cars in absolutely all parking spaces. Also almost 100 charging points at hotels and restaurants in Mallorca, winning public procurements in Reykjavík, the capital of Iceland.

“Elintai Charge” was boosted by the 7 million raised in the second half of 2022. EUR investments, thanks to which the company was able to strengthen the team, invest in research and development (R&D), the development of innovative solutions, and ensured a sufficient level of working capital. “It also contributed to the fact that we were consistent – we persistently adhered to high quality standards, even in the face of fierce competition, when products of questionable reliability are offered on the market at a lower price.” Unfortunately, in markets where there is no stricter regulation of e-mobility infrastructure, buyers often do not have enough experience or competences, so some are still hooked on cheaper, but later disappointing products”, says I. Mikutis. According to him, with the development of the EV charging infrastructure in Lithuania, the time is inevitably approaching for discussions and the adoption of decisions regarding the reliability of the charging infrastructure, ensuring quality standards and restricting the entry of Chinese products into the market.

This year’s plans include further development in existing markets and new solutions

The steadily growing company plans to continue its operations and expansion in Europe, prioritizing business and institutional customers in the German and French markets. “Our sales cycle lasts from 9 to 12 months, so we hope that the foundations laid last year will allow for further growth this year,” says I. Mikutis. Other plans include participation in international e-mobility exhibitions and brand renewal.

The company is also actively working in the field of developing new products and updating existing ones with new functionalities. One of the innovations is the technological solution for paying for charging “plug&charge”, which works without a mobile application, because the electric car itself will be able to identify itself as a user (the owner’s or driver’s card will be registered in it) and the charging service will be billed automatically, the driver only needs to connect the charging cable to of the car and loading will begin. “We have already installed an ad-hoc charging solution with a bank card reader in our charging stations for a long time. Soon, we will be able to offer our partners another “ad-hoc” charging technological solution – displaying a dynamic QR code on the screen”, says I. Mikutis.