Addvolt, founded in 2014 and headquartered in São Mamede de Infesta near Porto, has developed innovative battery systems for heavy-duty vehicles. Its technology is now at the heart of a global push to electrify and decarbonize the cold chain logistics sector.

Carrier’s decision to acquire Addvolt, after initially investing in the company in 2022, underscores the strategic value of Portuguese technology. Together, the two companies co-developed the world’s first fully autonomous electric trailer refrigeration system. The Vector eCool, which is already in widespread use across Europe. This innovation exemplifies the kind of high-impact, sustainable solutions that are increasingly coming out of Portugal’s tech ecosystem.

Addvolt’s journey from a university-incubated startup at UPTEC to a globally recognized innovator highlights the strength of Portugal’s engineering and R&D capabilities. With just fifty employees, the company generated over €8 million in revenue in 2023 and posted strong profits, while earning accolades from institutions like Deloitte and COTEC for its growth and innovation.

The acquisition has wider implications for Portugal. It signals that international investors are no longer simply scouting for cheap labor or back-office operations and they are coming for high-value, strategic innovation. Portuguese startups are demonstrating that they can lead in complex technological fields, particularly in clean energy, artificial intelligence, and health tech.

However, this momentum needs to be supported by the right political and economic environment. Portugal has a unique opportunity to position itself as a European hub for innovation, but only if national policies are aligned with the needs of the tech ecosystem. That includes maintaining competitive tax structures, simplifying regulatory processes, investing in research infrastructure, and making it easier for startups to access funding and scale globally from Portugal.

Furthermore, fostering stronger ties between universities, research institutions, and the private sector is essential. Addvolt’s story proves that when academic knowledge is effectively transferred to marketable products, the results can be transformative. Policymakers must double down on creating mechanisms that encourage this kind of innovation pipeline.

There is also an important question of ownership and growth. While Addvolt’s integration into Carrier opens new doors, it also raises the issue of how Portugal can retain more of the economic value generated by its startups. Creating conditions that allow companies to grow at scale without necessarily exiting foreign entities should be a national priority. That requires access to later-stage capital, stronger support for internationalization, and a long-term vision for industrial and technological sovereignty.

The Addvolt case is a milestone that shows the world is taking notice of Portuguese tech. It should also serve as a wake-up call for national leaders. Portugal’s talent, creativity, and technical expertise are no longer in question. What remains is to ensure that the country itself becomes the best place to build, grow, and keep the next generation of global tech leaders.

Author

Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Paulo Lopes