The leading electric vehicle (EV) managed charging software company, ev.energy, has successfully secured $33 million in Series B funding to drive electric vehicle-grid integration on a global scale, promoting sustainable energy efficiency. The latest funding round, led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital, and InMotion Ventures, the investment arm of JLR, aims to expand ev.energy’s reach across North America and Europe, facilitating the connection of millions of vehicles, chargers, and drivers to their Virtual Power Plant (VPP) and enabling Vehicle-to-Grid (V2G) services.
At the core of ev.energy’s mission is to make charging simpler, greener, and more cost-effective for EV drivers. The company’s software platform serves as a vital catalyst for vehicle-grid integration worldwide, with an impressive partner list that includes industry giants such as National Grid, Volkswagen Group, Maxeon, and Siemens. By intelligently managing the charging of over 120,000 EVs daily and ensuring charging occurs during grid-friendly times, ev.energy aims to optimize energy efficiency, reduce carbon emissions, and promote sustainable energy practices.
Nick Woolley, CEO of ev.energy, emphasized the significance of EVs in the energy landscape, stating, “In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants. 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 its establishment in 2018, ev.energy has been dedicated to developing smart, cloud-based platforms that optimize EV charging, providing drivers with a greener, cheaper, and more seamless charging experience. Today, the company’s Virtual Power Plant (VPP) encompasses over 120,000 EV drivers across North America and the UK. In 2021, ev.energy expanded its impact by launching its commercial trading demand response platform, fortifying grid resilience and scaling down carbon emissions. In 2023, the company furthered its commitment to sustainability by introducing Vehicle-to-Grid (V2G) solutions, launching the fleet management platform ‘Pando,’ and venturing into the solar market with ‘ev.energy SOLAR,’ a solar home charging function.
The additional funding will allow ev.energy to expand its operations globally while building on its significant growth in North America and the UK. The company has already secured over 30 national, regional, and municipal utility contracts and forged partnerships with major charging brands and auto original equipment manufacturers (OEMs), including the Volkswagen Group. ev.energy’s ability to move, store, and discharge energy provides utilities across North America and Europe with valuable flexible capacity, enabling them to address extreme weather conditions through seasonal demand-response programs.
Bobby Kandaswamy, Senior Director of Pathfinding & Incubation Investments at National Grid Partners, lauded ev.energy’s approach to providing a convenient charging experience while driving the clean energy transition. As part of NGP’s investment, Kandaswamy has joined ev.energy’s board of directors.
Matthias Dill, CEO and Managing Partner of Energy Impact Partners, commended ev.energy for its seamless deployment with energy utilities and compelling value proposition in promoting sustainable energy practices.
The investments from Aviva Ventures, WEX Venture Capital, and InMotion Ventures provide ev.energy with the potential to directly connect its platform to millions of vehicles worldwide, creating opportunities for smart charging and exploring the full potential of bi-directional charging.
“This announcement is a significant milestone in ev.energy’s mission to support the electrification and decarbonization of transport and energy,” said Nick Woolley. “We are excited to expand our mission and continue playing our part in creating a more sustainable and energy-efficient future.”
Beyond its efforts to enhance energy efficiency, ev.energy has also received recognition for its commitment to broader social and environmental change, holding a B Corp certification. As a carbon-negative business for the past two years, ev.energy has already contributed to an estimated saving of 762 tons of carbon emissions in 2022 alone.