ev.energy closes another multi-million financing deal
Charging software provider ev.energy has closed a Series B funding round of US$33 million, bringing the company’s total capital to US$46 million.
The company says it will use the equivalent of €30 million in Series B funding to advance the integration of electric vehicles into the power grid in North America and Europe. According to the statement, ev.energy’s software platform currently manages grid-serving charging of more than 120,000 electric vehicles daily in North America and the UK. Partners include National Grid, Volkswagen, Maxeon and Siemens.
The company now wants to create a way “to connect millions of vehicles, chargers and drivers to their virtual power plant (VPP) and enable vehicle-to-grid (V2G) services. Existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures participated in the funding round, as well as new backers such as National Grid Partners, Aviva Ventures, WEX Venture Capital and InMotion Ventures, the investment arm of JLR.
“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,” says Nick Woolley, CEO of ev.energy. “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.”
Last year, ev.energy entered into a global partnership with Hubject that combines ev.energy’s smart home charging network services for electric vehicles with Hubject’s eRoaming charging network data and consulting services.