EV charging platform ev.energy raises USD 33m

Electric vehicle (EV) managed charging software firm ev.energy has raised USD 33 million (EUR 29.9m) in a Series B financing round led by US venture investment firm National Grid Partners (NGP) in a drive to expand its global operations and attract new customers.

UK-headquartered ev.energy operates a platform that manages and optimises the charging of more than 120,000 EVs connected to its Virtual Power Plant (VPP) on a daily basis. The firm is partnering with companies like National Grid, Volkswagen Group, Maxeon and Siemens.

The latest fundraising attracted various new backers, including Aviva Ventures, WEX Venture Capital and InMotion Ventures. These new partnerships have the potential to secure access to more energy companies and add millions of vehicles to the ev.energy platform, the company said in a statement last week.

The transaction, which has brought the total capital attracted by the company to USD 46 million, also saw participation from existing investors such as Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.

The funding round will help ev.energy expand its global operations while building on its growth across North America and the UK. It will also give the start-up access to 400 million more potential energy customers by utilising their shareholders' energy retail, fleet, vehicle and insurance networks, according to the statement.

“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,” said ev.energy’s CEO Nick Woolley.

Founded in 2018, ev.energy enjoys significant growth this year. Apart from extending its VPP to include vehicle-to-grid (V2G) solutions, the company also presented its fleet management platform Pando and evolved into the solar market with a solar home charging solution -- ev.energy SOLAR.

(USD 1 = EUR 0.907)

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