EIT Urban Mobility invests in Lithuanian startup Inbalance grid

In Balance grid, UAB, operating under the name Inbalance grid and managing one of the largest private electric vehicle charging networks in the Baltic States, has secured a new investment of EUR 1.8 million.

Among the investors is EIT Urban Mobility, an initiative of the European Institute of Innovation and Technology (EIT), a body of the European Union, focused on fostering innovation and investment in mobility technologies. EIT Urban Mobility was advised on the transaction by Ellex in Lithuania attorneys Rūta Armonė and Arvydas Grušeckas.

Established in 2019, In Balance grid develops and operates a network of public electric vehicle charging stations across the Baltic States, and provides integrated charging solutions, including both hardware infrastructure and software for network management. In addition to its operations in the Baltics, the company is actively pursuing expansion in Poland.

The funds raised will be allocated towards the further development of the company’s technological solutions and the expansion of its service offering. Prior to this investment round, the company had attracted approximately EUR 6 million from venture capital funds.

EIT Urban Mobility has the objective of supporting cities in transforming their mobility systems to enhance sustainability and efficiency. The European Commission has set a target of deploying 3.5 million public electric vehicle charging stations by 2030. Across Europe, public charging points grew by more than 35% in 2024 compared with 2023, surpassing one million in total.