Electric vehicle managed charging software provider ev.energy announced that it has raised $33 million, with proceeds aimed at expanding its reach in North America and Europe.
Founded in 2018, UK-based ev.energy provides a cloud-based software platform connecting EVs and chargers, and partners with utilities to offer optimized EV charging, by enabling EV owners charging at home to time the charging of their vehicles for non-peak hours, allowing the use of cheaper and greener energy.
ev.energy currently manages over 120,000 EVs on its Virtual Power Plant (VPP) platform, and the company recently extended its VPP to include Vehicle-to-Grid (V2G) solutions, announced a fleet management platform, and introduced a solar home charging function, ev.energy SOLAR.
According to the company, the new capital will enable it to expand its global operations and build on its presence in North America and the UK.
Nick Woolley, CEO of ev.energy, said:
“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, 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.”
The Series B funding round was led by National Grid Partners, and included participation from new investors Aviva Ventures, WEX Venture Capital and InMotion Ventures, as well as existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, said:
“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.”