Thursday, November 21, 2024
Infrastructure and TechnologyLatestNews

ev.energy secures funding for growth

Connectivity firm ev.energy has secured $33m in funding to drive electric vehicle (EV) to grid integration in North America and Europe.

The company connects EV to grid networks, to make charging simpler and cheaper for drivers, with its end-to-end platform intelligently managing charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times. Drivers have access to its virtual power plant, and the firm has also launched a demand response platform, vehicle-to-grid solutions and a solar home charging option.

The funding round will enable ev.energy to expand its global operations while building on its growth across North America and the UK, with the aim of offering access to 400 million energy customers through using its shareholder’s energy retail, fleet and vehicle insurance networks.

Since 2018, ev.energy has been awarded more than 30 national, regional, and municipal utility contracts and worked with OEMs like the Volkswagen Group as well as partners such as National Grid and Siemens.

Nick Woolley, the CEO of ev.energy, said: “In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plant​s – for example, the behemoth Palo Verde Generating Station in the US. As more EVs come online, optimised 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.” 

Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, said: “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.”

Matthias Dill, CEO and Managing Partner of Energy Impact Partners, said: “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 programmes.” 

Mike Smeed, Managing Director at InMotion Ventures, said: “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.” 

Image from Shutterstock

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