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LONDON, 31 July 2023: ev.energy, the premier electric vehicle (EV) managed charging software platform, announced a USD 33m Series B funding round, increasing total raised capital to USD 46m. National Grid Partners (NGP) led the capital round, with participation from Aviva Ventures, WEX Venture Capital, and InMotion Ventures, the investing arm of Jaguar Land Rover (JLR). Existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV), and ArcTern Ventures continued to support the round.
ev.energy connects electric vehicles to grid networks to make charging easier, greener, and less expensive for drivers. Their end-to-end platform intelligently manages charging for over 120,000 EVs on a daily basis by charging vehicles at grid-friendly times.
With a growing partner list that includes industry leaders such as National Grid, Volkswagen Group, Maxeon, and Siemens, the company’s software platform has become the cornerstone of vehicle-grid integration globally. This second round of funding allows ev.energy to reach an additional 400 million energy users by leveraging its owners’ energy retail, fleet, automobile, and insurance networks.
“Over the next few years, total EV demand in most developed countries will exceed the energy output of even the largest power plants,” said Nick Woolley, CEO of ev.energy. As more EVs enter the market, optimised charging and load management will be key tools for ensuring grid stability. ev.energy’s ability to shape and control EV load can improve the grid while also assisting drivers in charging utilising the greenest and cheapest energy.”
What does this funding mean for ev.energy?
This round of funding will allow ev.energy to extend its global operations while building on its quick and sustained development in North America and the United Kingdom. ev.energy has earned over 30 national, regional, and municipal utility contracts since 2018, while also forming collaborations with charging brands and auto original equipment manufacturers (OEMs) such as the Volkswagen Group.
ev.energy’s central position in transferring, storing, and discharging energy provides megawatts of flexible capacity and has assisted utilities across North America and Europe with seasonal demand-response programmes to combat extreme weather events ranging from summer heat waves to winter cold snaps.
How will ev.energy use the funding?
ev.energy will use the funding to:
- Expand its global operations
- Develop new products and services
- Grow its team
- Accelerate its mission to support the electrification and decarbonization of transport and energy
What are the benefits of ev.energy’s technology?
ev.energy’s technology offers a number of benefits, including:
- Simplifies EV charging: ev.energy’s platform makes it easy for drivers to charge their EVs at the most convenient and cost-effective times.
- Greener charging: ev.energy’s platform helps to ensure that EVs are charged with renewable energy whenever possible.
- Cheaper charging: ev.energy’s platform helps drivers to save money on their EV charging costs.
- Grid stability: ev.energy’s platform helps to ensure grid stability by managing EV charging demand.
What is the future of ev.energy?
ev.energy is well-positioned for future growth. The company has a strong track record, a growing customer base, and a clear vision for the future. As the adoption of EVs continues to grow, ev.energy is well-positioned to become a leading player in the EV charging market.
Conclusion
ev.energy is a leading player in the EV charging market. The company’s technology offers a number of benefits, and it is well-positioned for future growth. The recent funding round will help ev.energy to expand its global operations and develop new products and services. As the adoption of EVs continues to grow, ev.energy is well-positioned to become a leading player in the EV charging market.
