EV Charging Innovator Solus Power Secures Funding From Leading Investment Firm Marbanc International
- Solus Power has secured funding from Marbanc International to fuel commercialisation of its EV charging products
- UK-based company, Solus Power, has developed a cutting-edge mobile charging innovation called ‘Kratos’
- The portable charging solution solves the challenge of providing flexible energy across diverse locations and off-grid infrastructure settings
- Marbanc’s investment will enable Solus Power to capitalize on demand from defense organizations, car parks and car hire operators
- Demand from the defense industry is growing as military moves toward sustainable electrified fleets
- Ruggedised and built to survive extreme environments, the Kratos power units are described as “Jerry Cans of electricity”
May 21, 2024: Solus Power, a UK battery innovator and pioneer of portable electric vehicle charging solutions, has received financial backing from US investment firm Marbanc International to expedite the development of its technology to market.
Supporting the global shift to electrification and solving a key challenge faced by EV owners, transport and fleet operators of finding readily available charging infrastructure, Solus Power has created a range of innovative mobile charging technologies that can be deployed where required to deliver an Ultrafast charge.
Established in 2020, the London-based battery innovation company’s highly engineered products include a ruggedized power unit that has been specifically designed to discretely slide under vehicles to be out of sight and avoid any obstruction. It also features modular technology that can scale in power to suit energy needs.
Through a recently announced MoU with QinetiQ Group PLC, a LSE-listed defense and security technology company, Solus Power will be exploring the development of its charging technology to provide flexible energy solutions in challenging, off-grid locations as military move to more sustainable electrified fleets.
Marbanc International’s funding, deployed via a subsidiary, will enable Solus Power to begin delivering its portable EV chargers to a range of commercial customers who have expressed interest in the modular charging solutions for applications including car parks, car hire, and defense use.
Solus Power Chief Executive Officer, Stas Leonidou, said: “Our mission at Solus Power is to revolutionize the mobilization of energy. We have developed cutting-edge charging technology that will relieve the pain points of EV ownership and offer a seamless solution across all industries and sectors that want to move to more sustainable fleets without the worry of available infrastructure.
We are delighted to have the support of Marbanc International who has recognized the significant value our technology can offer to our expansive potential client base and we now look ahead to commercialization of our products.”
The investment is in line with Marbanc International’s strategy to deploy USD$150 million in growth stage companies over the next two years.
Marbanc CEO, Jonathan Gartner, said: “Our investment in Solus Power aligns with our objectives of supporting good companies with strong leadership, a competitive advantage and a focus on sustainability. Providing a portable charging solution to electric vehicle owners solves one of the key detractors of EVs in their current form. This is a logical investment for Marbanc in a company which has strong growth potential.”
The rollout of Solus Power’s charging technology will commence in 2024 in the United Kingdom with global availability following. With the UK’s looming ban on new internal combustion vehicle sales in 2035, the number of electric vehicles on the roads continues to increase faster than the number of changepoints in the UK. As a result, Solus Power’s solution is ideal to support and encourage EV adoption for a greener, cleaner today and tomorrow.
About Solus Power
Established in 2020, Solus Power specialises in the generation, storage, management, and distribution of power for electric vehicles as well as delivering innovative solutions to sectors where the mobilisation of energy is critically needed. Headquartered in London with its engineering division part of The Innovation Centre Warwick, Solus Power is at the forefront of an energy revolution, focussed on EV charging and off-grid solutions and committed to advancing sustainable energy practices.
About Marbanc International Corporation
Marbanc International Corporation is a New York-headquartered asset management group with diversified global interests. The group focuses on private equity investments and investing in alternative asset classes where capital can be used to scale operations. The group is actively seeking to deploy capital in growth stage businesses internationally.
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