Latvian retrofitting vehicles startup Electrify secures €1.5M from ZGI Capital

Latvian startup Electrify, which retrofits vehicles and produces electric minibuses for city and intercity transport in Europe, has secured €1.5 million in a funding round from ZGI Capital to enhance production capacity.

• Founded in 2019 by Agris Amolins and Kristaps Dambis, Electrify offers offline and online solutions for public transport, including designing and retrofitting electric buses, minibuses, and vans, charging infrastructure, and bus infrastructure maintenance services.
• Riga-based Electrify offers 3 electric vehicles for urban and intercity transport, including:

1. Low-floor city bus esprinter opp1, a reliable, silent, and emission-free urban mobility solution with a 150 kW motor, 100 kWh battery, and 200 km range; 
2. Intercity Electrify eSprinter, a 21-seater electric minibus with a fast 15-minute charge time, real-time telemetry, and ramps for easy access; and an all-electric minibus on
3. Mercedes-Benz eSprinter platform, featuring a 300 km WLTP range, a 110 kWh battery, and plans for eco-friendly fuel options like H2, bioethanol, and eAmmonia.

"Electrify passenger electric minibuses are the most innovative and technologically advanced currently on the European market. About half of the produced products are exported to countries such as Estonia, Lithuania, Germany, and Norway. In 2023, Electrify signed an agreement with one of the largest passenger carriers in the Norwegian and Swedish markets, and it is in these markets that we see the greatest potential," co-founder and CEO of Electrify, Agris Amoliņš, said.

Details of the deal

• The fresh funding was backed by ZGI Capital, a Riga-based venture capital firm investing in companies across sectors such as metalworking, food industry, woodworking, logistics, IT, engineering, retail, and service exports. ZGI Capital has made around 40 investments in 8 startups, including GoWood, Echoo Group, and RoyaltyRange.
• The fresh investment will help Electrify expand its production capacity and seize the expected increase in demand for electric minibuses in Norway.