London-based ev.energy, an electric vehicle (EV) managed charging software platform, announced on Thursday that it has raised $33M (approximately €29.8M) in a Series B round of funding.
This brings the company’s total raised capital to $46M (approximately €41M).
The round was led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital, and InMotion Ventures, the investment arm of JLR.
The round also saw support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.
Fund utilisation
The company says the funding will allow it to access an additional 400 million energy customers by utilising their shareholders’ energy retail, fleet, vehicle, and insurance networks.
Further, the capital will enable the UK company to expand its global operations while building on its rapid and sustained growth across North America and the UK.
Nick Woolley, CEO of ev.energy, says, “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. As more EVs com online, optimised charging and load maintenance will remain critical tools for grid stability. By being able to shape and control EV load, ev.energy can benefit the grid and help drivers charge using the greenest and cheapest energy.”
As a part of the funding round, Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, has joined the ev.energy board of directors.
ev.energy: Making EV charging greener, cheaper, and smarter
Founded in 2018 by Nick Woolley and Chris Darby, ev.energy offers an end-to-end software platform that seamlessly connects with various electric vehicles and chargers, intelligently managing EV charging.
By collaborating with utilities, the UK company also enables customers to save on charging costs by charging their vehicles during grid-friendly times.
Since its inception, the company has secured over 30 national, regional, and municipal utility contracts, and established partnerships with major charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group.
The company’s Virtual Power Plant (VPP) boasts more than 120,000 EV drivers across North America and the UK as active participants.
In 2021, the London-based company introduced its commercial trading demand response platform, aimed at fortifying grid resilience and significantly reducing carbon emissions on a large scale.
The year 2023 has been marked by remarkable growth and innovation for the company, with the expansion of its VPP to include Vehicle-to-Grid (V2G) solutions.
The company also launched its fleet management platform ‘Pando’ and ventured into the solar market with its solar home charging function, ev.energy SOLAR.
Beyond its work to enable a cleaner, more resilient grid, ev.energy’s B Corp certification has demonstrated its commitment to delivering broader social and environmental change.
The company has been a carbon-negative business for the past two years with an estimated savings of 762 tonnes of carbon in 2022 alone.
The investors
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc.
NGP invests in strategic and financial impact and leads company-wide disruptive innovation efforts.
The organisation provides a multi-functional approach to building startups, including innovation (new business creation), pathfinding and incubation, corporate venture capital, business development, and venture acceleration.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, says, “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.”
Read the orginal article: https://siliconcanals.com/news/startups/londons-ev-energy-bags-29-8m/
