ev.energy, a provider of EV charging software solutions, raised $33 million in Series B funding, bringing the total capital raised by the company to $46 million. The round was led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital, and InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV), and ArcTern Ventures.
This funding round will enable ev.energy to expand its global operations.
The company’s end-to-end software platform wirelessly connects to a range of electric vehicles and chargers to intelligently manage EV charging while working with utilities to provide cash back to customers for charging at grid-friendly times.
“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, 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.” Nick Woolley, the CEO of ev.energy, remarked.
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.
Go Eve, an EV charging solutions provider, secured £3 million (~$3.9 million) in its first funding round, valuing the business at £12.6 million (~$16.2 million). The first funding round was led by The Pearl Family Office, a multi-family office that invests in sustainable and innovative businesses. Other investors included Cur8 Capital, a private investment platform for ethical investors; Kero Development Partners, a sustainable engineering investor; Gemarter, a clean energy investor; and Automotive Ventures, a transportation innovation investor.