The Successful Business magazine talks to Michael Toumbas, tech entrepreneur, the Chief Technological Officer of EV Power. We discussed their innovative project expanding the EV charging services in Cyprus.

What inspired you to create EV Power? Could you briefly explain the project's activities?

EV Power was created from a deep desire to revolutionize electric vehicle charging in Cyprus. Identifying a market gap in the lack of EV infrastructure, particularly charging stations and effective management systems, our goal was to address these deficiencies. Our focus is on making EV charging convenient, accessible, and user-friendly. From quick registration processes to seamless integration with charge points, the project focuses on simplifying the entire charging experience while actively incorporating user feedback back into our services. A new user should be able to start charging from our app within a minute of downloading, without the hassle of lengthy contracts.

When did this idea first come to you?

The idea emerged in 2021.

So, it took three years. Where does the project stand today?

As of 2024, we have established the most extensive and comprehensive charging network in Cyprus. Our services have been available to the public for a year and a half now while our setup and development took almost a year. We are proud to say that we continue to learn, adapt to market needs, and grow daily.

What does a user see when they download your app?

Upon downloading, users see a sign-in screen and the choice to sign up. After entering personal details and confirming their email, they can choose a charging station from the map. Our features allow payment options, including credit cards, online top-ups or vouchers. Users can view their charging history and analytics, payment receipts as well as manage their RFID cards.

Can users pay online via your app instead of paying at the charging station?

Yes, users can pay online through our app. Credit card terminals will very soon be available on our fast and ultra-fast public chargers for ad-hoc payments.

Can you share some statistics on the number of electric cars in Cyprus?

Up until 2023, there were a total of 3,217 electric vehicle registrations in Cyprus. 1,322 of these registrations were made in 2023, marking significant growth compared to 739 registrations in 2022. The trend indicates increased awareness and adoption of electric vehicles. As incentives are provided by the government, we are expecting an exponential response!

What are the perceptions regarding the cost of owning and maintaining electric vehicles?

Compared to conventional internal combustion engine cars, owning an electric vehicle offers much lower operational expenses. For instance, to travel the same distance, charging costs much less than petrol or diesel, especially if users take advantage of home charging with photovoltaic panels. EVs are proving economically viable with lower long-term costs including lower maintenance (as there are fewer moving parts) while benefiting from a quiet, smoother, and safer ride due to their lower center of gravity!

Let's take a practical example. Let's say you are going to buy a new family car with a petrol engine. It is going to cost you around €30k including some extras. If you were to buy an electric vehicle of the same class, it would cost you around €45k, minus any government incentives (currently at €9k). That brings the price down to €36k including the latest tech in safety and assistance.

Accounting only fuel costs to travel 100km, the petrol car costs €11.46 @ 8.5l/100km and the EV costs €0.09 @18kWh/100km (given that you charge at home, and you have PVs). Even if you charge at public chargers, the cost for the EV would be €8.10 which is 30% cheaper than the petrol car!

How many charging stations are in Cyprus, and how many are connected to your app?

Currently, there are around 150 sockets (charging points) in Cyprus. Our app has registered over 70 of them, providing users with access throughout the island.

Is the application free to use?

Yes, the app is free to download. The users pay only for their charging services.

Do users get any benefits or better prices if they charge their cars via your application?

Yes, users with a paid subscription will enjoy better pricing as well as having the benefit of an RFID card to use in case they don’t have access to their app! Registered users can also enjoy the Autocharge feature. This allows the user to save their vehicle’s ID (it’s like the car’s MAC address) in their account and automatically charge their vehicle at selected ultra-fast EV chargers without the need of the app or the RFID card. Just, plug and charge!

What are your future plans for EV Power?

We aim to expand our services beyond Cyprus, making the app available and functional across European Union countries and possibly beyond. Additionally, we are currently tackling some field-relevant R&D activities through which we anticipate to add some interesting and innovative solutions to our portfolio over the next couple of years.

Is there anything else you would like to share about your innovative projects?

We are working on implementing groundbreaking innovations, such as V2X (Vehicle-to-Everything) technology and live tariffs, allowing users to sell the stored energy from their electric vehicles back to the grid. This initiative aligns with our commitment to renewable energy and positions us as pioneers in the Cypriot market.

In essence, the future of EV Power involves expanding services internationally, enabling renewable energy to be utilized at its maximum potential, and pioneering V2X technology for a sustainable energy future.

Larnakos Avenue 62, Aglantzia 2101, Nicosia, Cyprus
T.: +357 700 888 09,
www.evpower.com.cy