EVOS, a provider of EV Charging solutions, secured $5 million from its existing investors. The investment will enable the company to bring to market new technologies for some EV charging use cases to address challenges experienced by EV fleet operators, EV homeowners/renters, strata companies, and others. The company initially raised $1.7 million to help it expand its team and commercialize its technology.
“The investment is going to help us build on these market-leading technologies and allow us to deliver our technology roadmap,” said Chief Experience & Innovation Officer Seshan Weeratunga. “We aim to simplify everything, from installation to charging and energy management. We take this idea into every product we create, resulting in a seamless user experience.”
EVOS’ Energy Management systems allow customers to install more EV charging stations that share existing power between them and avoid costly upgrades. The company manages the individual power output of each charging station to ensure the maximum load set is never exceeded.
“Some of the barriers to EV adoption have gone down, and we’re seeing a pickup in sales locally – yet the issue holding EVs back from being the logical and only next vehicle purchase for many people here is the availability of charging infrastructure suited to their requirements,” said Chief Technology Officer Chris Crossman.
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, funding in Q1 2023 was 14% lower compared to Q1 2022, when $327 million was raised in 13 deals.
Earlier this year, ChargeLab, an electric vehicle (EV) charging software provider, 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.