ev.energy widens its Series A funding round to $12.8 million

ev.energy, a platform that makes EV charging more affordable, has reportedly stretched its Series A round of financing headed by ArcTern Ventures to $12.8 million.

For those unaware, ev.energy help vehicle manufacturers, utilities, and charger manufacturers to integrate new, tech-driven programs of EV charging to their customers, empowering them to save money while balancing the EV electricity consumption with other requirements of the power grid.

The latest investment will help the start-up scale its platform to additional partners and build new products and capabilities that intelligently manage EV charging. The round was also backed by Future Energy Ventures, Energy Impact Partners, and other existing ev.energy investors.

Mira Inbar, Partner at ArcTern Ventures, said that they are observing a major nuance point in the adoption rate of electric vehicles globally.

The firm is invested in ev.energy as they are positioned uniquely and have a huge geographic reach, customer-obsessed culture, and flexible business model, which helps scale smart charging.

The user-friendly mobile app and platform of ev.energy delivers economic and more environment-friendly charging to drivers while empowering utilities to charge more cost-effectively.

Additionally, as large structured utilities like Southern California Edison and National Grid unveil new programs with ev.energy, they can reward customers from the US with cash backs for aiding the grid by charging through off-peak hours and vigorously adapting circumstances in real-time on the grid.

Vice President of Customer Sales & Solutions, National Grid, John Isberg said that collaborating with ev.energy and the Charge Smart mobile app will help customers of EV reduce their charging cost by earning refunds for charging off-peak.

The app also paths EV charging and the total cost of energy. Shifting the charging of EVs to off-peak times when the electricity demand is low supports the EV drivers and certifies the resiliency of the electric grid for all the consumers.

Source Credit - https://www.prnewswire.com/news-releases/evenergy-extends-its-series-a-to-12-8m-with-arctern-ventures-301487996.html