Veloce Energy, a provider of hardware and software infrastructure solutions for EV charging and storage, announced the closing of its initial Series A funding round.

Itochu and Ecliptic Capital led the investment round. The company plans to use the funds to expand its technology and develop its product roadmap for FastGrid.

FastGrid is a hardware and software infrastructure platform that reduces the time and cost of deploying and operating EV charging stations and commercial and solar storage. The platform includes fire-safe and compact bi-directional energy storage systems, integrated installation systems, and integration and operation software -to simplify grid connection, design, installation, expansion, and operation of grid edge systems.

“We are working tirelessly to bring our hardware and software EV (Electric Vehicle) charging infrastructure platform to the masses. These investments from two world class organizations with values like Veloce’s will drive faster and more affordable deployments of our FastGrid infrastructure platform. Incorporating our VPort modular battery energy storage solution (BESS), our FastConnect above-ground power, communications, and services installation solution, and ARGOS™, our site management software, we slash cost and time from EV charging projects,” said Jeff Wolfe, Veloce CEO, and Co-Founder.

According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion in 35 deals in 2021.

Recently, Indra, an electric vehicle charging and energy technology company, announced that it has secured over £20 million (~$21 million) in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra.