Face-to-Face with our portfolio: ev.energy
ev.energy is on a mission to enable the decarbonization of transport through fast, zero-carbon, and affordable electric vehicle (EV) charging. They became the first British start-up to win the Free Electrons accelerator programme in 2017 to connect start-ups with the world’s leading utility companies. Later that year, ev.energy secured £1 million in funding from investors.
We sat down with ev.energy CEO and Co-founder Dr. Nick Woolley to talk about the start-up’s plans to create smarter charging infrastructure for electric vehicles.
Can you tell us a bit about what your company does and what you are focusing on at the moment?
Nick: ev.energy is a software company that makes charging electric vehicles cleaner, cheaper and smarter. The challenge with integrating electric vehicles into the electricity grid, is that consumers tend to charge their vehicles at peak times. This means that electricity grids are put under unnecessary stress and energy companies have to procure electricity at peak rates, often getting it from dirty, non-renewable peak generation sources. ev.energy transforms this process by working in partnership with energy companies to provide a better charging experience and service to customers. Our focus right now is on delivering pilots with utility partners in Italy, California, the UK and Australia, and growing our user base.
What do you look for in an investor?
Nick: We look for an open and collaborative approach, with a genuine interest in helping and supporting our business as we grow. Their approach should be refreshing, they have our best interests in mind, and they are focused on working with us in partnership and towards a common vision. A good investor should deeply understand the energy market and can open doors in the utility space across the globe.
How is ev.energy revolutionizing the energy and e-mobility business and when do you expect exponential growth for your business?
Nick: ev.energy helps integrate electric vehicles into the power grid, allowing electricity networks and retailers to intelligently manage and optimize the electric loads associated with EV charging, in a way that is transparent and simple for the end user to understand. By shifting EV charging to times of the day or night when demand is lower and supply is higher, we reduce stress on the power grid, which pays us for that flexibility. The shift in time also reduces the wholesale electricity costs that retailers need to pay every half hour, and retailers pay us to deliver that saving, some of which is passed on to their customers. When customers are rewarded for smart charging, they are more likely to sign up to retailers that offer such rewards and we also get paid for this customer origination.
Our business is tied to the growth of electric vehicles. The global EV market has been relatively small for a number of years, supported initially by government subsidies. However, over the last year most leading global automotive brands have committed to the technology. As a result, we can expect dramatic growth over the next 3-5 years.
Where do you want to be in two years from now on this journey?
Nick: In two years, there will be millions of electric vehicles on the road, creating great opportunities for e-mobility and in turn for energy companies like ev.energy and utilities like innogy. I would be disappointed if ev.energy was not working actively in a number of key markets, like Germany, the UK and US, helping to decarbonize transport and simplify electric vehicle charging for tens of thousands of customers across the globe.
Future Energy Ventures’ take on ev.energy
All electric vehicles and many chargers come with an app to set charging schedules but hardly anyone uses them. They are complicated and isolated solutions that are not customized to a user’s needs, utility rates or grid operator requirements. In short, they do not work the way they should.
This is where ev.energy comes in. Their deep understanding of customer demand as well as utility and grid requirements is the perfect match, and their app-based solution makes electric vehicle charging hassle free. It opens a completely new world of possibilities as they bring dynamic structures to a previously static environment. You charge your car when it is good for the environment, the grid and your wallet. This is the smart way to electric vehicle charging and opens up possibilities for dynamic pricing based on time, or even type of use.
Find more about ev.energy at ev.energy