LONDON (Reuters) - Electric vehicle battery maker InoBat has invested in Slovakia-based charging systems specialist AgeVolt to supply the European market as governments set ambitious targets to cut emissions from internal combustion engines.
European carmakers are pushing to reduce their dependence on Asia for batteries as they roll out all-electric models to meet stricter emissions targets in the European Union.
Expanding the charging infrastructure necessary to drive mass adoption of electric vehicles is a challenge in many parts of the world, with various carmakers and utilities launching separate initiatives.
"AgeVolt enables chargers to be installed using existing electrical connection over building new connections," the company said in a release on Tuesday announcing InoBat's 600,000 euro ($713,280) investment.
"AgeVolt is creating the potential for car parking space owners to share chargers with the public on their own terms. AgeVolt also has a charging solution for apartment neighborhoods and urban residential areas with limited access to parking."
Asset Manager IPM Group and Venture to Future Fund have also invested in AgeVolt. Together with Slovakia-based InoBat, their total investment in AgeVolt comes to 1.2 million euros.
Venture to Future Fund (VFF) is a joint initiative of the European Investment Bank (EIB) and Slovakia.
IPM Group focuses on investments in InfraTech, which connects infrastructure and technologies that aim to tackle climate change.
(Reporting by Pratima Desai; editing by Louise Heavens)