LONDON, UK AND PALO ALTO, CA, JULY 27 2023 – ev.energy, the leading electric vehicle (EV) managed charging software platform, today announced its $33M Series B raise, bringing total funded capital to $46M. The funding 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 continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures. ev.energy seamlessly connects electric vehicles to grid networks to make charging simpler, greener and cheaper for drivers. Their end-to-end platform intelligently manages charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times.
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. This latest funding round provides a pathway for ev.energy to access an additional 400 million energy customers by utilizing their shareholders’ energy retail, fleet, vehicle and insurance networks.
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, 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.”
Since 2018, ev.energy has been on a mission to develop smart, cloud-based platforms that optimize EV charging, providing drivers with a greener, cheaper and simpler charge. Today, more than 120,000 EV drivers across North America and the UK are part of ev.energy’s Virtual Power Plant (VPP). In 2021, ev.energy launched its commercial trading demand response platform to help fortify grid resilience, while slashing carbon emissions at scale. 2023 has been a year of growth and innovation for ev.energy, which extended its VPP to include Vehicle-to-Grid (V2G) solutions, introduced its fleet management platform 'Pando' and evolved into the solar market with a solar home charging function, ev.energy SOLAR.
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. Since 2018, ev.energy 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. ev.energy’s central position of moving, storing and discharging energy provides megawatts of flexible capacity and has helped utilities around North America and Europe tackle extreme weather conditions – from summer heat waves to winter cold snaps – with seasonal demand-response programs.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National 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-charing programs.”
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.
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.”
ev.energy will use these relationships to co-create services that leverage vehicle data, deliver smart charging and in the future realize 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.
“This announcement is a significant milestone in ev.energy’s mission to support the electrification and decarbonization of transport and energy,” Nick Woolley commented. “Every person at ev.energy wakes up each day wanting to play our part, and we’re delighted to get this vote of confidence to help expand our mission.”
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. ev.energy has been a carbon-negative business for the past two years – with an estimated saving of 762 tons of carbon in 2022 alone.
For more information about ev.energy’s EV smart charging capabilities
Mission Control Communications (North America)
The PHA Group (UK & Europe)
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. Learn more at https://ev.energy/business.
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc, one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), pathfinding and incubation, corporate venture capital, business development and venture acceleration. We also convene the NextGrid Alliance (www.ngalliance.energy), a network of senior executives from more than 100 worldwide utility companies. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners_ and www.linkedin.com/showcase/national-grid-partners.
InMotion Ventures is the investment arm of JLR, and a core component of the business' Open Innovation strategy. The fund invests in startups from Seed to Series B across electrification, connectivity, sustainability, industry 4.0 and digital services. Notable past investments include Lyft (exited in 2019), Ascend Elements, Circulor, Envisics, and Bumper. To find out more about InMotion Ventures: https://www.inmotionventures.com/
WEX Venture Capital is the venture capital arm of WEX (NYSE: WEX) with an authorization of $100 million in capital focused on identifying and helping advance next-generation technology and companies focused on the energy transition. Investment areas of focus include fleet electrification, the electric vehicle (EV) charging ecosystem, energy management and optimization, and adjacent technology. WEX Venture Capital offers portfolio companies the potential to benefit from the breadth of WEX's global fleet business and expertise, while guiding WEX fleet customers as they navigate the expected global EV transition. For more information, please visit https://vc.wexinc.com.
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability - we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet's biggest problems will lead to big rewards—for companies, their investors, and of course, Mother Earth. https://www.arcternventures.com/
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $3 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 80 professionals based in its offices in New York, San Francisco, Washington D.C., Atlanta, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Future Energy Ventures is a leading global venture capital firm investing in the energy transition. Set up in 2016, it invests in digital and digitally-enabled technologies and business models that have the potential to shape the future energy landscape with a strong focus on decarbonization. Typically focusing on digital, scalable and asset-light companies raising Series A and B funding, Future Energy Ventures seeks to transform the traditional energy value chain towards net zero while capitalizing on the investment opportunities presented by the transition to a fully renewable energy future. For more information, visit www.fev.vc
Aviva Ventures was set up in 2016 with an initial £100m investment, as part of Aviva’s commitment to innovation. The fund focuses on investments where Aviva can develop a strategic relationship. Investment themes include customer wellbeing, mobility, sustainability, and the opportunities created by new technology developments like Artificial Intelligence.