Ignitis will invest up to EUR 115 million to develop an EV charging network in the Baltic states

On 12 July 2023 the Management Board of Ignitis Group agreed to the investment decision made by the Group’s subsidiary Ignitis. Ignitis and its subsidiaries in Latvia and Estonia are to invest up to EUR 115 million over 3–5 years to develop an electric vehicle (EV) charging network in the Baltics. The main objective of the investment is acquiring EV charging stations in order to develop the charging network infrastructure in the Baltic states.

This investment aligns with Ignitis Group’s strategy to accelerate the development of the EV charging network and build the largest fast charging network in the Baltics. Ignitis is planning to install up to 3,000 EV charging points by the end of 2026. 

At the end of last year, the company decided to establish the development of the EV charging network Ignitis ON as one of the strategic areas of the company's activities. For this reason, in 2022 an electric mobility unit was established at Ignitis and Eimantas Balta, who previously worked for more than five years at an international technology company Bolt, began to manage it at the beginning of this year.

“Currently, we have more than 260 charging points in the Ignitis ON network, 4 of which are in Latvia. In Estonia the first charging stations should appear at the beginning of next year. We see a huge demand for the charging network, and we are taking steps to meet this demand. By 2026, we plan to have up to 3,000 charging points installed in the Baltic states. We are maintaining our leadership in the EV charging network sector, we have a clear direction, and we are firmly moving towards it. You will see that new Ignitis ON charging stations are popping up at a rapid pace. Electricity is the driving force of the future transport, and we are boldly investing in it,” says E. Balta, Head of E-mobility at Ignitis.

The information provided in this notification does not affect Ignitis Group’s Adjusted EBITDA guidance.