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SEB Greentech invests in autonomous charging of electric vehicles

Photo from Rocsys

SEB Greentech Venture Capital is investing in the Dutch company Rocsys, which manufactures robots for autonomous charging of electric vehicles. SEB led the financing round totalling USD 36 million.

“The primary reason for this investment is that we believe that Rocsys’s solution is the missing link in the decarbonisation of heavy-duty vehicles, as megawatt connectors becomes very heavy to handle”, says Mikko Huumo, investment manager at SEB Greentech VC.

Rocsys has developed a solution that uses patented soft robotics and AI-based computer vision to provide autonomous connection and charging of electric vehicles. The robot can connect a vehicle to all types of charging infrastructure without the driver being involved at all.

The technology has many areas of implementation but the one that SEB Greentech VC is focusing on above all is industrial use, not least autonomous self-driving vehicles which are today being piloted in various use-cases.

“For example, this can apply to autonomous vehicles used within restricted areas such as logistics hubs and ports but also to self-driving vehicles in mines and similar. Here the autonomous vehicles can be routed to fast charging stations where they automatically connect and disconnect themselves,” says Mikko Huumo.

But the technology can also significantly improve efficiency for heavy-duty vehicles with a driver. The industry is now launching ultra-fast megawatt charging solutions which means that the charging cables are massively heavy. Using Rocsys’s solution for autonomous charging, the driver will not need to handle heavy cables.

“If you think on for example harbours, driver might sit nine metres above the ground and for safety reasons is not even permitted to leave the vehicle. When the driver stops to load and unload the robot can automatically charge the vehicle while work is in progress,” says Mikko Huumo.

Altogether this means that Rocsys’s autonomous charging solutions are a key factor in the electrification of commercial transportation globally, he adds.

In July Rocsys completed a series A financing round totalling USD 36 million of which approximately half in equity capital and the other half as loans. Other participants are Graduate Entrepreneur, Forward One and the European Investment Bank, EIB.

SEB led the financing round and Mikko Huumo will take a seat on Rocsys’s board.

Press release from Rocsys
Article in TechChrunch
More about SEB Greentech VC