Elonroad secures SEK 22 million backed by EIT Fund.

Elonroad, a Lund, Sweden-based developer of a high-tech electric road system, announced completing a funding round totalling SEK 22M ($2.6M).

The money was raised from the European Union, via EIT Urban Mobility, and included contributions from local investors including Bring and Almi Invest.

Proceeds will be used to certify the technology and to prepare the company for commercial roll-out after ongoing pilot projects. The goal is to be able to use the technology for all types of electric vehicles by 2025. At the same time, two new pilot projects are being started with Bring in both Sweden and Norway.

Elonroad, founded in 2014 by Dan Zethraeus and led by CEO Karin Ebbinghaus, develops a high-tech electric road system – it auto charges all types of electric vehicles when parked as well as when driving. The company manufactures, installs, operates and maintains the charging rail, which contributes to a high level of safety and enables intelligent road systems.

Elonroad is already running a project for the Swedish Transport Administration in Lund, where the technology is being tested on a city bus route. It was previously backed by LU Innovation.