Monta has announced its first US office and a new partnership in the US. The result should see its charging software platform available to EV drivers in the US. Over the last few years, the Danish firm has built an extensive network of charging stations through partnerships for its software platform. It allows drivers to locate available and the most cost effective charging points near their location. This functionality will now become available to US EV drivers.
Casper Rasmussen, CEO and Co-founder of Monta said, “EV and charging infrastructure are a cornerstone of the global shift towards decentralised electrification, and Monta’s software platform is the backbone enabling this critical transition in energy and mobility. With over 1.2 million EVs now on UK roads, and the number is rapidly increasing, Monta is helping to ensure that both drivers and businesses have the seamless charging experience needed to support this unprecedented growth in the adoption of clean transportation solutions.
“The success we have and will keep having in the UK and Europe is the fuel of our experience and US expansion. As EV adoption picks up pace in the United States, industry players will need a platform like ours to take their business to the next level.
“Across Europe, charging operators have been using Monta to scale up and deliver an improved experience for EV drivers for the last four years. Our customers and partners, many of whom already operate in the US or have plans to expand there, have been asking us to bring Monta’s solution across the Atlantic to continue fueling growth across the EV charging infrastructure ecosystem. We are thrilled to announce our US expansion and are thankful to our partners and investors for their support in our mission of enabling e-mobility and electrification across the globe.”
Why the US matters
The US is the first market for EV vehicles and is growing strongly. Statista estimates that by 2029, sales of electric vehicles will reach 2.32 million. It equates to a growth of 1.49% CAGR between 2024 and 2029. Government incentives and an increasing environmental consciousness amongst consumers are fuelling the surge in demand.
According to the US Energy Information Administration, hybrid, electric and plug-in hybrids made up 19% of the quarterly vehicle sales in Q2 2024. That number has been rising steadily since 2014. BCG estimated that nearly half of all new car sales in the US will be electric by 2030. However, the firm also noted last year that the US Environmental Protection Agency (EPA) increased its 2030 EV market share projections to 62%.
According to a survey by Pew Research Centre in July 2023, 38% of Americans are considering an EV for their next car. However, the EY Mobility Consumer Index noted that only 34% would purchase an EV next, down from 48% in 2023. Hybrid vehicles are seen as the interim solution.
Importantly, Tesla’s dominance of the market is now starting to fade. With it achieving 48.9% of the total electric vehicle market in 2Q24. Legacy manufacturers are now capturing a greater share of the market. With Ford now having an 8% share and Chevrolet, Hyundai, and Kia also increasing sales. Clean Vehicle tax credits are boosting sales, though not all EV vehicles qualify.
How Monta can make a difference
In line with vehicle sales, the EV Charging Market is also set to grow. PWC estimates that by 2030, there will be an estimated 27 million electric vehicles on the road in the US. It estimates that by 2030 there will be an estimated 35 million charging points.
The PWC analysis indicates a huge opportunity for charging point operators to generate the most revenue. That means that, like in Europe, a large number of charging point operators will likely start up and grow regional operations. The Monta Software platform could help those organisations thrive.
If Monta partners with a large number of these operations, drivers wil have a single location to identify the best charging points to use. Over time, there is likely to be some consolidation in the EV Charging point market. Still, the Monta platform is already extremely advanced. The investment in such a platform may mean that EV charging point firms turn to Monta to provide the software for their customers.
Miami HQ
Monta has also opened its first office in the US. The new US Headquarters will grow to around 30 employees by the end of 2025. The firm hopes to connect 25,000 commercial charge points to its platform by the end of 2025. It is expecting that to grow to a million by the end of 2030.
This may seem ambitious, but it could also be conservative with the partnership announcement. In the UK Monta has strong partnerships with firms such as Rolecm Egg and SyncEV. It already has a network of over 600,000 EV charging points on its platform.
The firm has selected Miami as it offers numerous benefits. There is access to talent, ecosystem, and international opportunities. The tech scene in Miami is growing strongly. In 2022 the startup ecosystem value grew by 160%, and early stage funding grew by 64%. Early stage investment in Miami has tripled over the last five years.
Investments included new programs at the various universities in the region. There is a growing presence of Silicon Valley firms. Google, Meta, X (formerly Twitter), and Uber all have offices in Miami. Those investments have meant that Miami has a talent base that tech firms like Monta can take advantage of.
Mayor Francis X. Suarez, City of Miami Mayor commented, “Miami’s growth as a hub for innovation is clear, and we are excited to welcome Monta as they expand their US presence. With venture capital investments
“in the Miami metro area reaching $628.8 million in Q3 alone, our city continues to attract leading companies in critical industries like EV infrastructure. Monta’s dedication to enhancing electric mobility aligns perfectly with our commitment to sustainable solutions, and we look forward to supporting their local and global efforts.”
The EV market in the US
While the market is still growing, there are challenges for the US charging market. Around a quarter of all charges are unsuccessful, with 12% succeeding but with reduced power. The challenges range from software glitches to complex payment processes on several mobile apps and credit card readers. Monta offers a solution that simplifies and enhances the process of identifying, charging and paying for the charging experience.
Monta has developed its software across Europe. Working with hardware manufacturers, charging point operators and customers to hone its solution to be best of breed. Its solution provides insights to all three sets of stakeholders. Monta’s solution is often far more advanced than any software solution put in place by the charging point operators.
Emobi partnership
As it lands in the US, it has also announced a new partnership with Emobi. Emobi has over 110,000 charging ports in the United States and more than 8,000 in Canada. It is the largest EV Charging ecosystem in North America. They should help Monta gain a strong foothold in the market.
Lin Sun Fa, CEO of Emobi, commented, “Monta’s expansion into North America is a critical step toward building a more accessible and comprehensive charging infrastructure.” said, “At Emobi, we share Monta’s vision for a future where sustainable transportation is within reach for everyone, and we are proud that our technology is helping power this expansion.
“By supporting Monta’s growth, we’re giving their customers instant access to charging networks and e-mobility partners across the US, accelerating the adoption of electric vehicles and making it a more seamless transition for all stakeholders.”
Alok Dubey, Regional Director, Strategic Sales – West at Monta, explains, “This expansion is fueled by the success we built in Europe, particularly in the UK, where we’ve become the market-leading charge point management system in just three years.
“Developing a new source of growth and revenue across the Atlantic will allow us to keep innovating, building features that set the standard not just in the UK, but also globally, as EV adoption continues to surge.”
Enterprise Times: What does this mean
After raising €80 million in January this year, Monta has long looked to launch in the US. It has now done so. It has a new office and a partnership that will see it have a presence across most of North America. Expect to hear more partnership announcements in the region in the coming months.
The investors behind Monta are behind this expansion and will closely follow the success of its portfolio members. Juan Muldoon, a partner at Energize Capital and member of Monta’s board of directors, said, “The global EV charging market is expected to reach $217 billion in the next five years, with $11 billion of that total dedicated to software. As one of the fastest-growing EV software startups at its scale, Monta is well-positioned to emerge as the de facto leader in EV charging operations software.
“We’re proud to partner with Monta and support them in their expansion to the US. And we are confident in the team’s ability to build upon their success in Europe to help operators in America scale their charging infrastructure to meet the growing demands of this market.”
The US may take several years for Monta to have the presence that it already has in Europe. Will it also consider other markets? China has the largest potential but is probably the hardest to enter. It will be interesting to see where Monta considers launching next.
