Epyon BV, a European supplier of electric vehicle (EV) charging systems, has secured EUR7m in new equity funding from five investors, consolidating its ongoing effort to scale up operations in EV fast chargers market in Europe.

In addition to the existing investors, SET Venture Partners and Chrysalix who participated in the financing round, Epyon got financing from three new shareholders: Taiwan’s LiteOn Technology and Dutch investors BOM and Breesaap, the investment fund of former Dutch Prime Minister Ruud Lubbers.

Epyon and LiteOn have also agreed on a business cooperation, by virtue of which LiteOn will support Epyon’s market development in parts of Greater China, Asia, Europe and the US, based on its capacity in volume production, marketing and logistics and its regional connections.

Further, Epyon will also enhance its ability to develop EV fast-charge technology by increasing its access to the high-tech community through the network of regional development company BOM, which operates in the heart of the Dutch high-tech automotive sector.

Epyon CEO Hans Streng said that the coming year will be pivotal for the rapidly expanding EV fast charger industry and the company is well positioned to capture growth and fully energized to move ahead, backed by an exceptional mix of investors.

“This financing gives us a solid base, both financially and industrially, as we roll out operations throughout Europe,” Streng said.