Through its venture capital arm, Volvo Cars has made a strategic investment in dcbel, a company that offers smart home energy solutions. The car maker’s corporate venture capital arm, the Volvo Cars Tech Fund, will support dcbel’s research, development, and market entry activities.
“Home Energy Management Systems will play a vital role as we move towards bi-directionality of electric vehicles,” said Alexander Petrofski, CEO of Volvo Cars Tech Fund. “Rising energy prices coupled with frequent blackouts are challenges faced by consumers today, and our investment in dcbel and their technology can help alleviate those challenges for our customers.”
“Volvo Cars and dcbel share the same values: safety, sustainability and the pursuit of technological advancement,” said Marc-Andre Forget, CEO of dcbel. “We are proud to have been selected by Volvo Cars and excited to play an important role in their mission to fully electrify their fleet.”
Once installed, the Home Energy Station will automate all energy management decisions involving the EV, including automated charging to eliminate range anxiety, vehicle-to-home (V2H) peak shaving when utility rates are high, blackout protection immediately following a power outage, vehicle-to-grid (V2G) export optimized based on demand, and protection against battery degradation.
According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid. There was a 66% decrease in QoQ for Smart Grid VC funding in Q1 2023, with $280 million raised in 14 deals compared to $846 million in 15 deals in Q4 2022. YoY, financing in Q1 2023 was 14% lower compared to Q1 2022 when $327 million was raised in 13 deals.
Recently, ChargeLab, an electric vehicle (EV) charging software provider, has raised an additional $15 million in funding, bringing its total Series A round to $30 million. The new financing includes $10 million in equity and $5 million in venture debt.