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Exclusive: Evenergi raising $10M for fleet charging

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Nov 15, 2023
Animated illustration of a charge indicator bar in the shape of a bus, filling up with a bar that looks like money.

Illustration: Brendan Lynch/Axios

Evenergi Labs, a software developer that helps transit agencies and other vehicle fleets go electric, has raised $5 million toward a planned $10 million Series A, it tells Axios exclusively.

Why it matters: The startup's software smooths the rocky road of an EV transition at a time when governments are investing loads of resources into green transportation systems.

Driving the news: Evenergi on Monday closed a $5 million investment from lead investor Aligned Climate Capital.

  • It aims to close the remaining $5 million in the next 90 days, CEO Dan Hilson tells Axios.
  • "We have a fair bit of demand," namely from venture firms and strategic investors, he says.

How it works: Evenergi chiefly works with companies and government agencies looking to convert their cars and buses to electric vehicles.

  • The bulk of the startup's business is in planning: it uses digital twin technology to simulate what an EV transition might look like, and it provides an automated service to adapt to shifting electricity rates and other changes as a customer starts integrating EVs.

Of note: As more agencies and companies go electric, a growing share of the company's business has involved managing vehicle charging and other issues.

  • "Do you plug in a charger, or do you have automated chargers? When a vehicle comes in, who does the parking?" Hilson says. "It's about more than range anxiety and energy management."

Of note: Evenergi markets its fleet software as Betterfleet in the U.S. It also works with power networks under the name Gridfleet.

  • "There are so many entrants coming in on the vehicle side and the charging side," Aligned Climate Capital CEO Peter Davidson says. "It's still unknown where and how all these electric vehicles are going to be charged."

What's next: The company got its start in Australia and has an office in Ann Arbor, Michigan. It's now expanding its North American footprint.

  • U.S. projects have included Detroit, Honolulu and New York City's Department of Sanitation.
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