28
Thu, Mar
51 New Articles

Deal 5: In Balance Grid CEO Simonas Stankus on EUR 950,000 Investment Round

Deal 5: In Balance Grid CEO Simonas Stankus on EUR 950,000 Investment Round

Lithuania
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

On April 30, 2020, CEE Legal Matters reported that Motieka & Audzevicius had advised the founders of Lithuania's In Balance Grid on the investment of EUR 950,000 into the company by Koinvesticinis Fondas, Contrarian Ventures, and several angel investors. We spoke with Simonas Stankus, Co-Founder & CEO of In Balance Grid, to learn more about the investment round.

CEELM: To start, please tell our readers about In Balance Grid and its mission. 

Simonas: In Balance Grid is working as a charging infrastructure service provider, where everything from hardware implementation, installation, administration, and maintenance is the responsibility of the company.

Implementation of the latest hardware and software solutions and the creation of new technologies allowed us to develop a new generation of charging stations that ensures smooth communication with every power main in a specific place. Communication between users, showing the actual consumption and demand within a specific time, helps us develop a more efficient grid model. In this model, there would be no necessity to increase the strain on the power main. This communication creates an opportunity to build charging stations in places where it was impossible before. At the same time, these achievements help people living in apartments to charge their electronic vehicles without investments in stronger power mains and prevent possible “blackouts.” The ability to charge electronic vehicles in residential areas without big investments makes electric cars even more attractive and helps reduce the number of cars with internal combustion engines, ultimately reducing CO2 emissions.

We believe that in a near future there will not be any “if’s” whether to buy an electric vehicle or not, there will be only one good solution both for people and the planet – to buy an electronic vehicle and forget about internal combustion engine cars.

CEELM: How did you identify and approach the investors  what was your "sales pitch" for this investment round?

Simonas: According to EU statistics, internal combustion engine cars are responsible for nearly 30% of the EU’s total CO2 emissions. Since transportation is one of the biggest polluters in the Union, the EU has set a goal of reducing emissions from transportation by 60% by 2050 from 1990 levels. The expansion of the electronic vehicle category is mentioned as one of the main measures to achieve this goal. In Balance – with its state-of-the-art charging solutions that ensure charging of significantly greater numbers of electronic vehicles – follows the same path, therefore it has attracted investors. 

Our solution mitigates climate change because it helps to ensure the smooth and quick transition from standard cars ran by petrol or diesel to electrical vehicles. Electronic vehicles are responsible for lower emissions over their lifetime than internal combustion engine vehicles across Europe. The reduction of conventional cars ensures lower CO2 level and, at the same time, it helps prevent such painful consequences of CO2 emissions as climate warming, sea-level rise, acid rain, and human health impacts.

CEELM: What is the capital raised  EUR 950,000 – intended for?

Simonas: This investment is mainly focused on three fields: 1. The finalization of the new hardware architecture and the preparation for mass production; 2. The finalization of smart cloud (software) functionality; and 3. Business development – to provide the most effective model to expand into the market.  

CEELM: What was Motieka & Audzevicius’ mandate on this investment? What specific legal areas did they advise you on?

Simonas: The Motieka & Audzevicius law firm helped us to review the investment agreements, prepare for kick-off meetings, and negotiate main clauses.

CEELM: Why did you reach out to Motieka & Audzevicius for advice on this matter?

Simonas: The Motieka & Audzevicius law firm is categorized as one of the best not only in Lithuania but also in the region, especially because of their deep knowledge in the field of commercial law. From the first stage, we wanted to have great professionals as our advisors to ensure the best agreements for the In Balance Grid company.

Our Latest Issue