EV.Energy connects electric vehicles to grid networks to make charging simpler, greener and cheaper for drivers. The company’s end-to-end platform intelligently manages charging for more than 120,000 EVs daily by charging vehicles at grid-friendly times.
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 Jaguar Land Rover (JLR). The round also saw continued support from existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures.
The company's software platform has become a 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 utilising its 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, 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."
Since 2018, EV.Energy has been on a mission to develop smart, cloud-based platforms that optimise 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, the company launched its commercial trading demand response platform to help fortify grid resilience, while slashing carbon emissions at scale.
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, the company 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.
