Axios Pro Exclusive Content

EV.energy raises $33M for charging software

headshot
Jul 27, 2023
Illustration of a silhouetted person charging their electric vehicle surrounded

Illustration: Annelise Capossela/Axios

EV.energy, which develops software for managing electric vehicle charging, closed a $33 million Series B this month.

Why it matters: The London-based startup says its software can convert EVs from pure electric consumers to resources that can bolster the grid.

How it works: EV.energy sits at the intersection of drivers who need to charge their cars, the automakers who build them, and the electric utilities pumping out the juice.

  • Its software essentially enables electric utilities to dial back EV chargers when the grid is under strain.
  • Drivers who opt-in, meanwhile, get compensated for the service, typically with credits toward their electric bills.

Big picture: Electric vehicles consume electricity — but they can also free up capacity or even add electricity to the grid.

  • Utilities, grid operators and investors are pouring money into software that can control all those batteries on wheels.

By the numbers: EV.energy has registered 120,000 drivers on its app, such as through partnerships with utilities like Con Edison in New York.

Details: National Grid Partners led the startup's all-equity round.

  • Aviva Ventures, Wex Venture Capital and Jaguar Land Rover's investment arm, InMotion Ventures, joined.
  • Existing investors Energy Impact Partners, Future Energy Ventures and ArcTern Ventures also participated.
  • National Grid Partners senior director Bobby Kandaswamy joined EV.energy's four-person board.

Meanwhile, utility National Grid, automaker Volkswagen Group, solar manufacturer Maxeon, and engineering giant Siemens are among EV.energy's partners.

Go deeper