ev.energy secures $33m funding to drive electric vehicle-grid integration in North America and Europe

ev.energy secures $33m funding to drive electric vehicle-grid integration in North America and Europe

Published: 28-07-2023 09:14:00 | By: Pie Kamau | hits: 3866 | Tags:

ev.energy, the electric vehicle (EV) managed charging software platform, announced its $33 million Series B raise, bringing total funded capital to $46 million. The funding round was led by National Grid Partners (NGP) with support from Aviva VenturesWEX Venture Capital and InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures. ev.energy seamlessly connects electric vehicles to grid networks to make charging simpler, greener and cheaper for drivers. Their end-to-end platform intelligently manages charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times.

The company's software platform has become the cornerstone of vehicle-grid integration globally, with a growing partner list that includes industry leaders such as National Grid, Volkswagen Group, Maxeon and Siemens. This latest funding round provides a pathway for ev.energy to access an additional 400 million energy customers by utilizing their shareholders' energy retail, fleet, vehicle and insurance networks.

Nick Woolley, CEO, ev.energy: "In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants – for example, the behemoth Palo Verde Generating Station in the US. As more EVs come online, optimized charging and load maintenance will remain critical tools for ensuring grid stability. By being able to shape and control EV load, ev.energy can both benefit the grid and help drivers to charge using the greenest and cheapest energy."

Since 2018, ev.energy has been on a mission to develop smart, cloud-based platforms that optimize EV charging, providing drivers with a greener, cheaper and simpler charge. Today, more than 120,000 EV drivers across North America and the UK are part of ev.energy's Virtual Power Plant (VPP). In 2021, ev.energy launched its commercial trading demand response platform to help fortify grid resilience, while slashing carbon emissions at scale. 2023 has been a year of growth and innovation for ev.energy, which extended its VPP to include Vehicle-to-Grid (V2G) solutions, introduced its fleet management platform 'Pando' and evolved into the solar market with a solar home charging function, ev.energy SOLAR.

This funding round will enable ev.energy to expand its global operations while building on its rapid and sustained growth across North America and the UK. Since 2018, ev.energy has won over 30 national, regional and municipal utility contracts while forging partnerships with charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group. ev.energy's central position of moving, storing and discharging energy provides megawatts of flexible capacity and has helped utilities around North America and Europe tackle extreme weather conditions – from summer heat waves to winter cold snaps – with seasonal demand-response programs.

Bobby Kandaswamy, Senior Director of Pathfinding and Incubation Investments, National Grid Partners: "ev.energy has benefited from years of sustainable growth, product innovation and steady leadership. This has enabled it to close a significant funding round despite a turbulent economic climate. ev.energy's approach to providing a convenient, compelling experience for drivers to charge at home and on the road during grid-friendly times is essential for grid operators. Combined with its V2G services, ev.energy positions utilities like National Grid as an accelerant to the clean energy transition."

As part of NGP's investment, Kandaswamy has joined the ev.energy board of directors.

Matthias Dill, CEO and Managing Partner, Energy Impact Partners: "Partnering with energy utilities isn't easy, but ev.energy has a compelling value proposition that can be quickly deployed. ev.energy is one of the most successful startup companies we've ever invested in when it comes to partnering with energy utilities and has enabled numerous partners to roll-out smart-charging programs."

Alongside access to energy companies, investment from Aviva Ventures, WEX Venture Capital and InMotion Ventures has the potential to connect the ev.energy platform directly to millions of vehicles.

Mike Smeed, Managing Director, InMotion Ventures: "ev.energy is an exciting team at the forefront of the clean energy transition. Their market-leading technology, impressive list of partners, and ambitious roadmap are key reasons we participated in this latest round. We look forward to seeing the opportunities that will arise from ev.energy scaling up their operations."

ev.energy will use these relationships to co-create services that leverage vehicle data, deliver smart charging and in the future realize the full potential of bi-directional charging. WEX Venture Capital's investment will support the expansion of ev.energy's solution to bring managed charging to fleet vehicles.

"This announcement is a significant milestone in ev.energy's mission to support the electrification and decarbonization of transport and energy," Nick Woolley commented. "Every person at ev.energy wakes up each day wanting to play our part, and we're delighted to get this vote of confidence to help expand our mission."

Beyond its work to enable a cleaner, more resilient grid, ev.energy's B Corp certification has demonstrated its commitment to delivering broader social and environmental change. ev.energy has been a carbon-negative business for the past two years – with an estimated saving of 762 tons of carbon in 2022 alone.

www.ev.energy