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ev.energy extends its Series A to $12.8m with ArcTern Ventures
Friday, March 4, 2022
- The investment round was led by ArcTern Ventures, with other investors including Energy Impact Partners (EIP) and Future Energy Ventures (FEV)
PALO ALTO, Calif. and LONDON, Feb. 24, 2022 /PRNewswire/ -- ev.energy, a global provider of electric vehicle (EV) charging software, has extended its Series A financing round to $12.8M led by ArcTern Ventures. ev.energy's product helps utilities, vehicle manufacturers, and charger manufacturers to deploy new, technology-driven EV charging programs to their customers, allowing them to save money while balancing EV electricity consumption with other power grid requirements. The investment will be used to help the software start-up scale its platform to additional partners, as well as to build new capabilities and products that intelligently manage EV charging. The round was also supported by Energy Impact Partners, Future Energy Ventures, and other existing ev.energy investors.
"We are witnessing a major inflection point in the rate of electric vehicle adoption globally. We invested in ev.energy because they're uniquely positioned; they have the broad geographic reach, flexible business model, and customer-obsessed culture to truly scale smart charging," said Mira Inbar, Partner at ArcTern Ventures.
ev.energy's user-friendly mobile app and platform delivers cheaper and more environmentally friendly charging to drivers, while allowing utilities to manage charging more cost-effectively. Additionally, as large regulated utilities like National Grid and Southern California Edison launch new programs with ev.energy, they can reward customers from across the U.S. with cash back for helping the grid by charging during off-peak hours, and dynamically adapting to conditions in real-time on the grid.
"Partnering with ev.energy and the Charge Smart mobile app helps EV customers reduce their charging costs by earning rebates for charging off-peak. The app also tracks EV charging and total energy costs," said John Isberg, Vice President of Customer Sales and Solutions at National Grid. "Shifting EV charging to off-peak times when electricity demand is at its lowest supports EV drivers and ensures the resiliency of the electric grid for all customers."
With the resiliency of California's power grid under threat, ev.energy has seen a groundswell of interest from a growing base of local community choice aggregators (CCAs), who have carved out a niche in communities that prefer locally-controlled renewable energy options. After a successful pilot with CCA, Silicon Valley Clean Energy, ev.energy recently partnered with MCE and have plans to enter into similar partnerships with neighboring CCAs later this year.
"MCE's EV programs are focused on making clean transportation accessible to everyone while decreasing grid strain," said Brett Wiley, MCE's Customer Programs Manager responsible for the MCEv portfolio of programs. "Working with ev.energy, we launched the MCE Sync app to provide our customers with a lower-cost, hardware-free, and hassle-free way to charge with low-carbon electricity and save money on their energy bills."
Partnerships with infrastructure players like Siemens continue to play an important role in scaling ev.energy's platform across the United States and internationally. In states like Texas, ev.energy has paired its software with Siemens VersiCharge home chargers to deliver critical demand-response services to prevent future blackouts such as the one caused by the winter storm in February 2021.
"Vehicle electrification represents one of the biggest challenges, as well as opportunities of this decade in both the U.S. and across the globe," said Chris King, Chief Policy Officer at Siemens eMobility. "The combination of Siemens world-class hardware and ev.energy's cutting-edge software will support the ongoing needs of both fleet and residential customers as we work together to advance a more sustainable, electrified future."
"I'm delighted at the traction ev.energy has had with utilities and EV drivers, and the value that our software has delivered to power grids in California, Texas, and elsewhere," said Nick Woolley, CEO, and co-founder of ev.energy. "It's great to have ArcTern onboard working alongside EIP and FEV, to continue to fuel our growth as we advance on our mission to deliver greener, cheaper, smarter EV charging across the world."
About ArcTern Ventures
ArcTern Ventures is a venture capital firm obsessed with helping solve the climate crisis and rethinking sustainability. ArcTern, based in Toronto with offices in Oslo and San Francisco, invests globally in breakthrough technology companies solving climate change and sustainability - we call it #earthtech. The fund was founded on the premise that accelerating the transition to a carbon-neutral economy will disrupt all industries and present an unprecedented opportunity for outsized financial returns. Solving our planet's biggest problems will lead to big rewards--for companies, their investors, and of course, Mother Earth.
About ev.energy
ev.energy is a Certified B Corporation® with a mission to make EV charging greener, cheaper, and smarter for utilities and their customers. Its end-to-end software platform wirelessly connects to a range of electric vehicles and L2 chargers and intelligently manages EV charging in line with utility and network signals while keeping customers engaged and rewarded through an award-winning mobile app. With a global base of utility customers including National Grid, Southern Company, E.ON Energy, UK Power Networks and AusNet, ev.energy manages hundreds of megawatts of EV load on its platform each day. Learn more at https://ev.energy.
Media contacts:
For ev.energy:
ev.energy@missionc2.com
View original content:https://www.prnewswire.com/news-releases/evenergy-extends-its-series-a-to-12-8m-with-arctern-ventures-301487996.html
SOURCE ev.energy
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