UPTEC graduate company acquired by Carrier

Addvolt, a graduate company from UPTEC – Science and Technology Park of the University of Porto, has been bought by the US group Carrier, which specialises in heating, refrigeration, ventilation and air conditioning.

Addvolt, a U.Porto spin-off, has developed the world’s first Plug-in Electric system for the transport sector. The patented technology, Addvolt Powerpack, electrifies the refrigeration units of heavy vehicles, reducing dependence on diesel, noise levels and CO2 emissions.

The choice of Carrier will allow the startup to “accelerate its mission: to decarbonise refrigerated transport. This was a strategic choice to take a new leap in growth”, says Catarina da Silva, Head of Marketing and Communications at Addvolt, a startup born at UPTEC’s School of Startups.

The two companies were already partners in creating energy solutions for cold trucks, co-developing the world’s first fully autonomous electric trailer refrigeration system, Vector eCool. “Carrier Ventures had already been an investor in Addvolt since 2022, with a minority stake. This relationship has built a solid foundation of mutual trust and strategic alignment, which has now evolved into a more robust and structuring investment”, adds Catarina da Silva.

Addvolt acquired by Carrier: growth plans

Founded by Bruno Azevedo, Ricardo Soares, Miguel Sousa and Rodrigo Pires in 2014 and incubated at UPTEC until 2020, Addvolt now has a presence in more than 23 countries. With a team of around 65 employees, mostly in Portugal, the startup has “plans to grow in the coming months, especially in the areas of engineering and international support”, reveals Catarina da Silva.

In 2024, Addvolt came 14th in Deloitte’s Technology Fast 50 ranking, which highlights the 50 Portuguese technology companies that achieved the highest revenue growth over three years, registering an average growth of 381%.