ECOFACTOR: Inside the rapid growth of Ukraine’s leading EV charging specialist

The ECOFACTOR journey: From passion project to charge point giant

Charging infrastructure in Ukraine has been growing rapidly alongside EV registrations. 2019 signalled the beginning of rapid growth, with a 58% rise in EV registrations across the first six months of the year. 

Ever since, both new and second-hand EV sales have been skyrocketing. 37,600 EVs were registered across 2023, with new vehicles accounting for 20% of this figure. 4,420 were registered in March 2024 alone, already demonstrating a rapid growth on the previous year.

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As registrations rise, so does the need for infrastructure. Currently, there are an estimated 5000 public charging stations across the country; however, there is widespread recognition of the need to increase their spread, notably to reduce dependence on gas. Currently, ECOFACTOR holds an impressive 37% of this market, and 52% of daily charging transactions go through the company’s mobile app and platform. 

ECOFACTOR has been integral to this development for over 9 years. As a home-grown Ukrainian charging specialist, they understand the specific needs of the country more than most. 

In 2015, ECOFACTOR began by creating the ZAZ Electro, an electrified Ukrainian classic car to perform in the Kyiv – Monte Carlo Eco Rally. The project not only proved the technical know-how of ECOFACTOR’s founders, but also served as a statement for the country’s upcoming electric mission. Ukraine was embracing future mobility, and now the future is here. 

Since then, ECOFACTOR has sold over 15,000 charge points, including public and home charge points. It’s clear the technology works, and that businesses can scale effectively alongside adoption trends. Now, the focus shifts onto addressing the wider issues. 

Sergey Velchev, Founder & CEO of ECOFACTOR, commented:

“I started my business as a hobby, and now my company is leading in Ukraine.”

Ukraine is addressing an issue that’s familiar to many European countries. The lack of unified charge point management. 

With a network of over 125,000 active users across 12 countries, ECOFACTOR is advancing towards an interconnected network, where it operates management, payment, and deployment from a central service, thanks to its SaaS approach.

The ECOFACTOR Network is rapidly growing, with its free-to-use app drawing in more drivers every day.

Now, the call is open to businesses, restaurants, hotels, charge point operators, and more to join the network and continue its expansion, all simply controlled by the company’s own management platform. This is part of the company’s portfolio expansion in its existing markets. 

The most important part of this model is supporting a fair transition. By opening its network to partners far and wide, ECOFACTOR is making it possible for countless organisations to join the charging business. 

It may have been born as a small project in Ukraine, but ECOFACTOR has followed the emobility trends of its own country, and grown rapidly. The growth is possible through openness and collaboration, now spanning across borders with seamless management solutions to allow everyone to embrace EVs.

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