ev.energy raises $33m for EV grid integration
UK startup ev.energy has raised $33m to expand its electric vehicle (EV) Virtual Power Plant (VPP) software into North America and Europe.
The software platform supports virtual power plant and Vehicle-to-Grid (V2G) services, intelligently managing charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times. The company works with the National Grid, Volkswagen Group, Maxeon and Siemens.
The funding from National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital and InMotion Ventures, the investment arm of JLR, brings the total raised to $46m. The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.
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“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,” said Nick Woolley, the 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.”
ev.energy launched its commercial trading demand response platform in 2021 to help fortify grid resilience, while cutting carbon emissions at scale. The VPP was extended to include V2G support with its Pando fleet management platform and evolved into the solar market with a solar home charging function, ev.energy Solar.
“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 operators. Combined with its V2G services, ev.energy positions utilities like National Grid as an accelerant to the clean energy transition,” said Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners who joins the ev.energy board of directors.
Matthias Dill, CEO and Managing Partner of Energy Impact Partners, commented, “Partnering with energy utilities isn’t easy, but ev.energy has a compelling value proposition that can be quickly deployed. ev.energy is one of the most successful startup 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.”
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