Bergen-based company Saga Tenix AS, provider of electric bus telematics services, has raised €1.5 million from Norway’s largest VC fund, Idekapital. The money «will be spent on building the organization and growing further into the European and International telematics markets», it is released.
Charging control and charging time, intervals and route lengths, night charging or fast charging are now as important as controlling fuel consumption has been for fossil-fueled bussesRobert E. Jacobsen, CEO at Saga Tenix
Saga Tenix and the market for electric bus ITS
The market for Intelligent Transport Systems (ITS) solutions and charging stations for electric buses in Europe and North America is large and expected to grow massively over the next years.
According to market research company Berg Insight, the market value for electric bus ITS in Europe was € 12.7 million in 2019. Growing at a compound annual growth rate (CAGR) of 37.5 percent, this number is expected to reach € 62.4 million by 2024.
One of the main drivers is the rapid electrification and need for “smarter” management of the overall bus fleet, which again is driven by mega-trends such as urbanization, climate change and traffic congestion.
Saga Tenix AS is a Norwegian technology company established in 2008 and one of the leading Scandinavian providers for the electric bus telematics market. The company’s main product is marketed under the brand name Tenix and developed after the EU ITxPT (IT for Public Transport) standards.
Saga Tenix: ITxPT standards-compliant
«We are proud to announce that we have come to an agreement with Idekapital. They have been thorough and professional in their approach, and we are excited to continue the Saga Tenix journey together with a driven and successful investor», says Robert E. Jacobsen, CEO at Saga Tenix. And adds: «We know from our own experience with customers that have implemented electrical buses in their operations, that it changes the way they work. Charging control and charging time, intervals and route lengths, night charging or fast charging are now as important as controlling fuel consumption has been for fossil-fueled busses and ferries».
«Saga Tenix is growing rapidly and has proven its ability to win tenders in a competitive environment. They already have an impressive customer base and happy customers. These are important factors for us when we make investment decisions at Idekapital», says Frida Rustøen, investment manager.
«Saga Tenix has a strong environmental profile, especially related to their electric bus Charging Management System (CSMS). This is a significant competitive advantage making the Tenix products increasingly sought after in the European market where the bus fleet is gradually electrified», says Anders Brandt, Partner at Idekapital.