Addvolt, a Portuguese innovator in transport electrification technology, has been acquired by Carrier Global Corporation, a U.S.-based leader in intelligent climate and energy solutions. Founded in 2014 and headquartered near Porto, Portugal, Addvolt is a pioneer in advanced battery systems for heavy-duty vehicles. Its technology is now playing a crucial role in the global effort to electrify and reduce emissions across the cold chain logistics industry.
The company was founded by four alumni of the Faculty of Engineering at the University of Porto (FEUP): Bruno Azevedo (Co-founder and CEO), Rodrigo Pires (Co-founder and Sales Director), Ricardo Soares, and Miguel Sousa. This recent acquisition represents a major milestone in Addvolt’s pathway, reflecting its rapid growth and technological leadership.
However, Addvolt’s collaboration with Carrier began more than a decade ago under the leadership of Bruno Azevedo. Together, the two companies co-developed the world’s first fully autonomous electric trailer refrigeration system – an achievement that helped shape the future of sustainable refrigerated transport.
“After more than half a decade of innovation and strong collaboration with Carrier, this was the natural next step. The timing aligned with both companies’ strategic goals to scale electrification and accelerate impact globally. Addvolt will be integrated into the Carrier Climate Solutions Transportation segment”, explains Bruno Azevedo, CEO at Addvolt who was named in 2020 by Forbes as one of the 30 European young talents under the age of 30.
Going back to its origins, Addvolt was one of the startups that benefited from the CMU Portugal Program’s inRes initiative in 2014.
This early-stage acceleration program supported entrepreneurial teams working in Information and Communication Technologies (ICT) and was part of the CMU Portugal Program’s second phase (2012–2017).
João Claro, Chairman and CEO of INESC TEC, who served as the CMU Portugal National Director at the time, shared: “Addvolt founders have actually been my students in their undergraduate years, they already showed promise even then. However, in 2014, in a very short period of time as an entrepreneurial team, the leap in technology and business acumen of the team, and the speed and consistency in technology, business and market development that they had achieved were already outstanding. They leveraged their participation in inRes to keep progressing in an exceptionally smart way. And everyone who came into contact with the team at the time was clearly understanding where they were heading.
According to Bruno Azevedo “the inRes program was a turning point. It gave us the tools, exposure and international mindset to grow a global tech company from Portugal. It helped shape our business strategy and remains a key part of Addvolt’s foundation.”
Ten years after participating in inRes, Addvolt’s acquisition by Carrier now aligns with a larger strategic vision: “By combining Addvolt’s deep expertise in electric systems, power electronics and real-time energy management software with Carrier’s industry-leading solutions, we are well-positioned to drive innovation beyond refrigerated transportation. Our technology strengthens Carrier’s electrification solutions and creates new opportunities for emerging applications, while building on the success we’ve already achieved together.”, shares Bruno Azevedo.
Addvolt’s technology is already integrated into Carrier Transicold’s Vector® eCool—the world’s first fully autonomous electric trailer refrigeration system—currently deployed across Europe. This acquisition will further enhance Carrier’s electrification capabilities, leveraging Addvolt’s advanced power electronics, energy management software, and top-tier engineering talent.
Approximately 60 Addvolt employees will now join Carrier’s Climate Solutions Transportation segment, continuing to operate from Porto, Portugal. “Our team in Porto will continue leading innovation in electrification, now collaborating even more closely with Carrier’s global engineering and product teams. We remain fully committed to driving progress from Portugal, now with even greater resources and reach.”, shares Addvolt CEO.
Reflecting on this success, José M.F. Moura, CMU Portugal Director at CMU since the Program’s inception, recalls this most impactful initiatives:
“Almost 10 years after the first phase of the inRes initiative, it’s incredible to see the lasting impact it had on the foundation of several successful companies. Taking teams through an immersion period at CMU can be a decisive trigger that helps launch a startup and equip entrepreneurial teams with the tools they need to grow. The program pushed teams beyond their comfort zones, demanded a fast pace, and challenged them to operate under high uncertainty. It’s inspiring to see them thrive, and this success story is helping us to continue fine tuning the inRes initiative.”
João Claro added “InRES was a contribution to filling part of a critical gap that unfortunately continues to persist in Portugal. The specific nature and requirements of deep tech entrepreneurship are not well understood in our country (or even more broadly across Europe) and continue to be mostly incorrectly and insufficiently addressed in the public and private support available in the country. Looking into the future and the next Phase of the CMU Portugal Program, it is of extreme value to continue to update and upgrade inRes to make it even more adjusted to the current entrepreneurial eco system in Portugal.”