Netherlands-based provider of autonomous charging solutions for electric transport Rocsys BV has signed a €18 million quasi-equity deal with the European Investment Bank (EIB). The agreement will provide Rocsys with financing to accelerate the development and deployment of its second and third generation autonomous robotic charging solutions over the 2023-2025 period. Rocsys' investment plans for this period will focus both on hardware and software technology development, as well as testing equipment. The EIB financing for the project is made possible with the support of the InvestEU programme, which aims to mobilise over €372 billion in additional investment for EU policy priorities over the period 2021-2027.
EIB Vice-President Kris Peeters commented: "With the increasing popularity of both private and professional electric vehicles, robotic charging can seriously improve the efficiency and convenience of charging operations. This, in turn, can help to accelerate the transition towards zero-emission electric vehicles, which is crucial for decarbonising our economies. After LeydenJar, Rocsys is yet another Dutch company that can have an important impact on the electric vehicle sector."
Some of the main advantages of Rocsys' technology, which is based on biomechanical soft robotics for exoskeletons initially developed at Delft University, are its safety, low cost, and scalability. The technology can be retrofitted on any standard electric vehicle connector and charging equipment and thus does not depend on changing any charging hardware.
"Rocsys combines the power of robotics and AI to streamline the electric vehicle experience by enabling autonomous charging. We believe that this technology will significantly contribute to the global adoption of zero-emission vehicles among both consumers and fleets while moving us closer to a world of fully autonomous mobility," said Rocsys Co-founder and CEO Crijn Bouman. "This recognition and investment from the EIB shows that our vision is aligned with the key institutions shaping the future of sustainable transportation."
European Commissioner for the Economy Paolo Gentiloni added: "Decarbonising our economies requires substantial and continuous investment in innovative technologies. I am proud of the significant contribution that InvestEU is making in this context. This agreement will support an infrastructure innovator business in the Netherlands developing autonomous robotic charging solutions. It will unlock the necessary resources at a critical stage of the technological development, while advancing important goals for the green transition such as a sustainable and clean modes of transport."
The InvestEU support of the Rocsys financing falls under the Thematic Green Transition product, supporting sustainable investments and future technologies, in support of the transition to a low-carbon economy. InvestEU will enable the EIB to support Rocsys in a critical stage of its technological development. This agreement is expected to have a signalling and crowding-in effect on other equity and debt providers.
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Over the last five years, the European Investment Bank has financed over €10 billion worth of projects in the Netherlands.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union's policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
Rocsys BV provides autonomous charging solutions for electric vehicles and equipment. With an innovative approach combining soft robotics, artificial intelligence-based computer vision, and data-driven services, Rocsys creates a reliable, seamless, efficient, and cost-effective charging experience for fleets and consumers. Rocsys ensures reliability in charging by removing the risk of operator errors and maximising efficiency, enhancing safety by limiting exposure to high-voltage equipment. Rocsys can easily transform any existing charger into an autonomous system backed by a cloud-connected platform for support and frictionless integration with other fleet management tools. Founded in 2019 and headquartered in the Netherlands, with US operations based out of Portland, Oregon, Rocsys is setting the standard for the future of autonomous charging with leading roles in industry consortia and strategic partnerships with multinational corporations and original equipment manufacturers (OEMs).
