ev.energy, announced Thursday that the smart charging company has secured $33M in series B funding to support its goal to expand its reach in North America and Europe. Creating a pathway to connect millions of vehicles, chargers, and drivers to their Virtual Power Plant (VPP) and enable Vehicle-to-Grid (V2G) services.
This latest addition brings the company’s total funded capital to $46M and was led by National Grid (LON:NG) Partners with support from Aviva (LON:AV) Ventures, WEX (NYSE:WEX) Venture Capital and InMotion Ventures, the investment arm of Jaguar Land Rover.
Nick Woolley, the CEO of ev.energy, said in the release, "In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants.”
Woolley continued, “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."
The funding will enable ev.energy to expand its global operations while building on its rapid and sustained growth across North America and the UK.
"This announcement is a significant milestone in ev.energy's mission to support the electrification and decarbonization 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."