Electric vehicle (EV) charging provider ev.energy has raised US$33 million (£25.83 million) in Series B Funding to continue its vehicle-to-grid (V2G) expansion across Europe and North America.
The funding round received support from National Grid Partners (NGP), Aviva Ventures, WEX Venture Capital, InMotion Ventures, Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures.
According to ev.energy, this new round brings the total funded capital to US$46 million.
Ev.energy confirmed that the newly raised capital will enable the company to expand its virtual power plant (VPP) and V2G services into new markets across North America and Europe. It will also support existing operations in the UK.
The VPP technology, which was launched in 2021, is a commercial trading demand response platform and in 2023, was expanded to include V2G solutions. The company has also released a fleet management platform called “Pando” and evolved into the solar market with a solar home charging function called “ev.energy SOLAR”.
Nick Woolley, CEO of ev.energy, said: “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.”
Last month, ev.energy launched an EV whitepaper detailing an eight-step roadmap towards Vehicle- to-Everything (V2X) flexibility technology becoming market-ready. In order to create a transparent roadmap towards the implementation of smart bi-directional charging, the whitepaper analysed the obstacles currently hindering the uptake of V2X flexibility.
Underscoring the importance of consumer input in the accelerated rollout of V2X technologies, the whitepaper identified what key challenges are currently holding back consumer acceptance of V2X services. You can find out more here.
Current± publisher Solar Media is hosting its flagship EV World Congress USA event in San Diego this 1-2 November. The conference will focus on some of the key discussion points from the US EV sector including the rollout of a nationwide charging network, innovation within the sector, how business models can adopt electric fleets and more. More information, including how to attend, can be read here.
