EV Energy, a leading provider of electric vehicle-grid integration solutions, has announced the successful closure of its Series B funding round, raising an impressive $33 million. The company specializes in developing smart charging and energy management solutions that facilitate the seamless integration of electric vehicles into existing power grids.
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. Undoubtedly the funding underscores the growing importance of electric vehicle (EV) infrastructure and the company’s commitment to driving sustainable transportation solutions in North America and Europe.
The demand for electric vehicles is rising as governments and industries worldwide shift towards sustainable and environmentally friendly transportation solutions. However, the successful adoption of electric vehicles hinges on the availability of reliable and efficient charging infrastructure. EV Energy’s solutions are tailored to address this critical aspect of EV adoption, providing a comprehensive ecosystem that supports the seamless integration of EV charging into existing energy grids.
One of the key features of EV Energy’s solutions is its advanced energy management system, intelligently balancing power demand and supply. The system optimizes EV charging to avoid peak energy consumption, reducing strain on the power grid during periods of high demand.
In addition to facilitating grid integration, EV Energy’s technology enables bi-directional charging, known as vehicle-to-grid (V2G) capability. This innovative feature allows electric vehicles to act as mobile energy storage units, feeding surplus power back to the grid during peak times or emergencies. It makes them valuable assets in grid stability and energy resilience.
Sustainable Future
The successful Series B funding round highlights the increasing recognition of the role of electric vehicle-grid integration in advancing the sustainability agenda. As the electric vehicle market grows, the need for intelligent and scalable charging solutions becomes ever more critical.
Moreover, with governments setting ambitious climate and environmental goals worldwide, developing robust EV charging infrastructure is essential in achieving emission reduction targets and promoting a greener transportation sector.
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’s advanced energy management system and vehicle-to-grid capability offer a glimpse of the future of electric vehicle charging, where electric vehicles play a pivotal role in promoting a cleaner and greener transportation sector. The Series B funding marks a significant milestone in EV Energy’s journey towards driving sustainable and efficient electric vehicle-grid integration solutions.