Leading electric vehicle (EV) managed charging software platform, ev.energy, has recently procured $33 million in Series B funding. This successful round increases their total capital to $46 million and was spearheaded by National Grid Partners (NGP). Several other investors, including Aviva Ventures, WEX Venture Capital, InMotion Ventures (Jaguar Land Rover’s investment arm), along with prior investors like Energy Impact Partners (EIP), Future Energy Ventures (FEV), and ArcTern Ventures, also backed this initiative. These funds will expedite ev.energy’s plans to broaden its reach in North America and Europe, eventually facilitating the connection of millions of vehicles, chargers, and drivers to their Virtual Power Plant (VPP) while enabling Vehicle-to-Grid (V2G) services.
Why It Matters
According to ev.energy CEO Nick Woolley, the surge in electric vehicle demand in most developed countries will soon surpass the energy output of even the largest power plants. As more EVs come online, the optimization of charging and load maintenance will become pivotal to maintain grid stability. By manipulating and controlling EV load, ev.energy can offer benefits to the grid and assist drivers in charging their vehicles using the most affordable and green energy. This will considerably contribute to grid resilience, slash carbon emissions on a large scale, and support the transition to clean energy.
Key Points
- ev.energy is an established player in the global vehicle-grid integration domain with a rising list of partners that includes prominent names such as National Grid, Volkswagen Group, Maxeon, and Siemens.
- Since its inception in 2018, ev.energy has consistently aimed to develop intelligent, cloud-based platforms that optimize EV charging, providing a greener, cheaper, and simpler charge.
- In 2021, ev.energy launched a commercial trading demand response platform, and in 2023 introduced V2G solutions, a fleet management platform, and ventured into the solar market.
- The recent funding will enable ev.energy to enhance its global operations while maintaining its rapid growth in North America and the UK.
- The company has won over 30 national, regional, and municipal utility contracts and formed partnerships with charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group.
Bottom Line
The successful completion of this funding round signifies a crucial step in ev.energy’s mission to back the electrification and decarbonization of transport and energy. Besides its efforts to facilitate a cleaner, more resilient grid, the company’s B Corp certification underscores its dedication to broader social and environmental change. Over the past two years, ev.energy has maintained a carbon-negative operation, estimating a saving of 762 tons of carbon in 2022 alone. This latest funding will significantly bolster their capability to continue making strides in this direction.
