EV.Energy secures $33m series B funding

  • August 8, 2023
  • Steve Rogerson

Californian and UK start-up EV.Energy has secured $33m series B funding to drive electric vehicle-grid integration in North America and Europe.

The company plans to expand its reach in North America and Europe, create a pathway to connect millions of vehicles, chargers and drivers to their virtual power plant (VPP), and enable vehicle-to-grid (V2G) services.

It seamlessly connects electric vehicles to grid networks to make charging simpler, greener and cheaper for drivers. The 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 has become the cornerstone of vehicle-grid integration globally, with a growing partner list that includes National Grid, Volkswagen, Maxeon and Siemens. This latest funding round provides a pathway for EV.Eergy to access an additional 400 million energy customers by using their shareholders’ energy retail, fleet, vehicle and insurance networks.

“In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants,” said Nick Woolley, CEO of EV.Energy. “For example, the behemoth Palo Verde Generating Station in the USA. 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.”

Since 2018, EV.Energy has been on a mission to develop smart, cloud-based platforms that optimise 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 its VPP. In 2021, it launched its commercial trading demand response platform to help fortify grid resilience, while slashing carbon emissions at scale. This year has seen growth and innovation for EV.Eergy, which extended its VPP to include V2G technology, introduced its Pando fleet management platform and evolved into the solar home charging market.

The funding round was led by National Grid Partners with support from Aviva Ventures, Wex Venture Capital, InMotion Ventures, the investment arm of Jaguar Land Rover, and existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures. Bobby Kandaswamy, a senior director at National Grid Partners, has joined the EV.Energy board of directors.

“EV.Energy has benefited from years of sustainable growth, product innovation and steady leadership,” said Kandaswamy. “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.”

The money will help expand its global operations while building on its rapid and sustained growth across North America and the UK. Since 2018, it has won over 30 national, regional and municipal utility contracts while forging partnerships with charging brands and vehicle OEMs such as Volkswagen.

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 programmes.

“Partnering with energy utilities isn’t easy, but EV.Energy has a compelling value proposition that can be quickly deployed,” said Matthias Dill, CEO of Energy Impact Partners. “EV.Energy is one of the most successful start-up 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.”

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

“EV.Energy is an exciting team at the forefront of the clean energy transition,” said Mike Smeed, managing director of InMotion Ventures. “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 plans to use these relationships to co-create services that leverage vehicle data, deliver smart charging and, in the future, realise the full potential of bi-directional charging. Wex Venture Capital’s investment will support the expansion to bring managed charging to fleet vehicles.

“This announcement is a significant milestone in EV.Energy’s mission to support the electrification and decarbonisation of transport and energy,” said Woolley. “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.”