FLEXeCHARGE, a specialized purveyor of load and energy management services to charge point operators and charging solution providers, has closed a seven-figure seed funding round with investments from venture capital firms Greencode Ventures, Link Capital and Vireo Ventures. The Danish energy tech company will use the funds to take the next technological leap with its smart load and energy management e-mobility platform.
As EV adoption continues to rise and bans on internal combustion engine cars grow closer, commercial charging infrastructure continues to be installed rapidly worldwide to offer the same level of convenience and accessibility for EVs as there is for refueling conventional cars. However, one of the biggest roadblocks impacting this rollout is the limitations in the capacity of energy grids, which are struggling to cope with increased electricity demands driven by the growing number of EVs on roads. Sophisticated load and energy management software is urgently needed to mitigate and overcome the risk of grid-upgrade backlogs potentially leaving EV charging stations stranded without power and ensure that society efficiently uses the increasing volume of renewable energy injected into the European grid.
Founded in 2019, FLEXeCHARGE is a leading provider of innovative load and energy management services in the e-mobility sector, offering an open platform that sits between and integrates with both EV charging hardware and charge point management systems. The company’s vendor-independent technology allows AC and DC chargers to be integrated into one load management platform, locally or via a cloud-based service. Charge point operators and charging solution providers can aggregate demand for their entire portfolio of charging sites in FLEXeCHARGE’s platform, cutting their charging costs in half by intelligently integrating charging sites with local renewable energy, storage systems, and flexibility markets.
“We see ourselves as the conductor of the e-mobility transition,” said Max Brandt, CEO of FLEXeCHARGE. “We’re helping solve the problem of energy grid capacity as the amount of renewable energy and EV market share increase, which is the biggest challenge in e-mobility today. I’m thrilled to welcome Greencode Ventures, Link Capital and Vireo Ventures, three firms with leading positions in the energy and e-mobility transitions, into our investor portfolio. All three have vast industry experience and strong track records, and I’m positive they will contribute vital knowledge as we embark on our commercialization journey.”
As well as reducing costs, FLEXeCHARGE’s open platform enables its customers to remain independent of their management system and hardware providers by offering the flexibility to connect to any software or hardware, enabling better energy purchasing decisions and driving operational efficiencies. The company is helping team energie, the operator of northern Germany’s largest fast-charging hub, utilize peak shaving to reduce the risk of high-performance payments when the estimated infrastructure capacity is exceeded. FLEXeCHARGE is also working with Lade.ZEIT, allowing the charging solution provider’s customers to benefit from more informed energy and load management decision-making.
“Smart EV charging solutions are urgently needed, and FLEXeCHARGE has a unique positioning in the industry,” commented Manuel Heckmann, Venture Partner at Greencode Ventures. “The team has developed the most advanced, intelligent platform and built a solid customer base. We’re excited to support the company in making a significant impact on the green transition of mobility. FLEXeCHARGE enables more charge point operators and charging solution providers to make smarter energy management decisions for their charging sites.”
“We believe that FLEXeCHARGE can develop a truly European footprint,” added Christian Rangen, General Partner at Link Capital. “We’re excited to back FLEXeCHARGE, a promising company perfectly positioned to lead in the exciting energy and load management space. We’re primed to share our knowledge and work closely with the company as it aims to deliver holistic energy management for charge point operators and charging solution providers.”
Read the orginal article: https://www.eu-startups.com/2024/01/copenhagen-based-flexecharge-gets-seven-figure-investment-to-advance-its-load-and-energy-management-e-mobility-platform/
