The bottleneck for charging electric cars is often not the chargers but the cable into the building. An apartment block or office car park has a fixed grid connection, and every charger added eats into it. Upgrading the connection is slow and expensive. MultiCharge, a Tallinn company that sells under the brand VOOL, builds controllers and chargers that share the available power between cars in real time, so that the same connection can serve more of them.
In 2021 the European Innovation Council backed the idea with €1,686,300, and the EIC Fund became a shareholder. The project closed on time in October 2023 with pilots done and sales under way. Then the public record thins out: the company has not filed its annual reports for 2024 or 2025, according to Estonia's official business register.
Company file
- Legal entity
- MultiCharge OÜ, registry code 14627725
- Brand
- VOOL
- Registered
- 17 December 2018, Tallinn
- Founders
- Juhan Härm (chief executive), Sander Vahtras, Hindrik Kilter
- Shareholders include
- EIC Fund, Butterfly Venture Fund IV
- EIC project
- ACT (Ampher Controller Technology), 1 Jan 2022 to 31 Oct 2023, closed
- Last filed accounts
- 2023, revenue €303,509
- Staff (Q1 2026)
- 18
What VOOL Does Today
VOOL sells a charging system rather than a single device: chargers, a load-management controller and software that schedules charging around electricity prices. Its pitch, in chief executive Juhan Härm's words to Invest in Estonia, is that it uses "all three phases and automatically switch[es] between them when needed". The customers are businesses and private users, and the project report on CORDIS names the Baltic states and Finland as its markets, with the Nordics and Central and Eastern Europe as targets.
The company is still operating. Tax data for the first quarter of 2026, published by Estonia's tax board and summarised by Inforegister, show 18 employees and €113,529 in labour taxes paid in the quarter. What it has not done is tell the public how the business is performing.
The Technology: Sharing a Fixed Supply
A typical building connection is three-phase. Chargers usually draw from fixed phases, so one phase can max out while others sit idle, and installers size the connection for the worst case. MultiCharge's controller, which the EIC project calls Ampher, measures the load continuously and moves each car between phases and power levels without interrupting charging. The CORDIS report describes "uninterrupted load switching", multi-point load management, wireless communication and support for OCPP, the industry's open charger protocol.
The result, according to the company, is up to three times more efficient use of the grid connection and up to six times more cars charging at once. Neither figure has been independently tested in public. MultiCharge's claim is that it does load management at the level of individual phases, in its own hardware.
What the EIC Project Promised, and What CORDIS Shows
ACT ran from 1 January 2022 to 31 October 2023 under the 2021 Open call. Its objective was to prepare existing charging stations for rising demand by using "novel microcontroller and semiconductor technologies" instead of expensive grid expansion. The closing report says the company manufactured "first pilot units" that customers were already using, that "piloting of VOOL solution has been completed and commercialization phase started", and that it raised €1.3 million of additional financing in the summer of 2023.
- Controller and charger developedDeliveredCharger with uninterrupted load switching and OCPP support, per CORDIS.
- Pilots with customersDeliveredPilot units in customer use; no pilot site or customer named.
- Commercial launchStartedSales began in the Baltics and Finland; 2023 revenue was €303,509, the last year on file.
- Independent proof of the 6x claimNot publicThe performance figures come from the company only.
There is also a question about the size of the grant itself. CORDIS records an EU contribution of €1.69 million, yet coverage of the company's later funding rounds describes a €3 million EIC grant.
What Has Happened Since the Award
Fundraising continued after the award. Tech.eu reported €1.7 million in February 2023. In September 2023 Invest in Estonia reported €1.3 million of seed money led by Specialist VC, with angel investors including former Estonian president Kersti Kaljulaid and e-Residency founder Taavi Kotka, plus a €1.62 million Estonian government grant, bringing total funding to €7.62 million. In May 2024 the energy group Alexela invested €300,000 in a strategic partnership, according to BeBeez. In May 2025 VOOL announced €1.5 million from existing investors and a new Finnish fund, and said its 2024 revenue was €2.7 million, that it expected more than €5 million in 2025, and that Switzerland was its biggest market.
The Money: Missing Accounts
Estonian companies must file an annual report by 30 June of the following year. MultiCharge did so for 2019 to 2023, each time on the deadline or within two days of it. According to the e-Äriregister, the official commercial register, its reports for 2024 and 2025 have not been submitted. By the end of September 2026 the 2024 report was 456 days late.
Why it matters
The last public accounts show revenue of €303,509 for 2023. Since then the only figure is the company's own, €2.7 million of revenue in 2024, which no filed accounts confirm. Whether the company is profitable, how much cash it holds and how the EIC Fund's stake is performing are not public. Commercial data services now label its credit profile as problematic. For a company that holds EU equity as well as an EU grant, the missing filings are more than an administrative lapse: they remove the only independent view of how public money is doing.
Why Europe Should Care
The EU has made charging infrastructure a legal obligation. The Alternative Fuels Infrastructure Regulation, which has applied since 13 April 2024, requires fast chargers every 60 kilometres on the main trans-European road network and, as electrive and the ICCT summarise it, that new public charging points be capable of smart charging over open protocols. Technology that lets existing connections serve more cars without new cables fits that direction, which is exactly the EIC's pitch for ACT. A small Estonian hardware company competing in a market full of large charger makers is also the kind of European challenger the EIC wants to exist.
What the company said
A controller that lets the same grid connection charge up to six times more cars, commercialised across the Baltics, the Nordics and Central Europe.
What the record shows
A product developed and piloted on time, €300,000 of revenue in 2023, continued fundraising and 18 staff, and no annual accounts filed since.
The Verdict
Delivered, then gone quiet
MultiCharge did what its EIC project asked: it built the controller, piloted it and started selling. By its own later funding announcements it also convinced a notable group of Estonian investors. But a company that took both an EU grant and EU equity has now gone more than a year without publishing the accounts Estonian law requires. Until those appear, there is no way to tell whether VOOL is growing into the market or struggling in it.
MultiCharge has not been asked for comment for this article. It is based entirely on public records, company statements and EU project data, linked throughout.
