ev.energy, an electric vehicle (EV) managed charging software platform, has netted $33 million in a Series B funding round, which brings its total investment to $46 million. The funding round was led by National Grid Partners (NGP) with support from Aviva Ventures (that backed Scan.com and Acre), WEX Venture Capital and InMotion Ventures, the investment arm of JLR. The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.
This funding round will enable ev.energy to expand its global operations while building on its rapid and sustained growth across North America and the UK. Alongside access to energy companies, investment from Aviva Ventures, WEX Venture Capital and InMotion Ventures has the potential to connect the ev.energy platform directly to millions of vehicles.
Also, ev.energy will 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 of ev.energy’s solution to bring managed charging to fleet vehicles.
Nick Woolley, the CEO of ev.energy, remarked, “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 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.”
Grid Partners, commented, “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.” As part of NGP’s investment, Kandaswamy has joined 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.”
Mike Smeed, Managing Director at InMotion Ventures commented, “ev.energy is an exciting team at the forefront of the clean energy transition. 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.”
Aims to make EV charging greener and cheaper
Founded by Chris Darby and Nick Woolley in 2018 in London, ev.energy is a Certified B Corporation with a mission to make EV charging greener, cheaper, and smarter for utilities and their customers. Its end-to-end software platform wirelessly connects to a range of electric vehicles and chargers to intelligently manage EV charging while working with utilities to put cash back in customers’ wallets for charging at grid-friendly times.
With a global base of utility, vehicle OEM and EVSE partners, ev.energy manages more than 120,000 EVs on its platform each day. It has won over 30 national, regional, and municipal utility contracts while forging partnerships with charging brands and auto original equipment manufacturers (OEMs) like the Volkswagen Group.
The company’s software platform has become the cornerstone of vehicle-grid integration globally, with a growing partner list that includes industry leaders such as National Grid, Volkswagen Group, Maxeon, and Siemens. With the latest funding, ev.energy will access an additional 400 million energy customers by utilising their shareholders’ energy retail, fleet, vehicle and insurance networks.