ev.energy raises $33 million in Series B to drive electric vehicle-grid integration

The fresh funds will enable ev.energy to expand its global operations while building on its rapid and sustained growth across North America and the UK. 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 programmes.

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 utilising 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, 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.”

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 programmes.”

‍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.”

“This announcement is a significant milestone in ev.energy’s mission to support the electrification and decarbonisation 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.”

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