Electric Vehicle

EV Connect raises $12 Million

EV Connect recently closed a $12 million Series B funding round. The company is one of the leading providers of electric vehicle (EV) charging software and solutions. As a one-stop shop, it sells, deploys and provides management services to operate an organization’s charge stations.

Lead investors, Mitsui and Ecosystem Integrity Fund, joined by other venture investors to support the global expansion of EV Connect’s flexible, open, cloud-based solutions to expand the world’s EV charging ecosystem. This funding round brings the total capital raised by EV Connect to over $25 million, with more than 6,000 connectors under contract.

In addition to taking an equity position in EV Connect, Mitsui has executed a commercial agreement to develop new business models around EV charging infrastructure, leveraging its global presence. Through its cloud-based software platform, EV Connect supports businesses and utilities in the optimization and management of EV chargers. Companies can use a wide range of charging hardware, as EV Connect employs the industry’s first charge station certification program based on international open standards and market-leading network flexibility and interoperability.

“We strongly believe that EV Connect’s infrastructure management technology accelerates the electric vehicle revolution in the energy and power industry where Mitsui has many assets and access to partners,” said Kazumasa Nakai, Chief Operating Officer of Infrastructure Projects Business Unit at Mitsui & Co., Ltd. “Our unique engineering capabilities, in conjunction with EV Connect’s cloud-based EV infrastructure, will enable us to develop new business models to solve the challenges EV infrastructure currently pose for energy management companies.”

EV Connect enables site owners, parking lot managers, fleet operators, and utilities to open up new business assets and revenue streams. The Company works with a large selection of charge station manufacturers for both Level 2 and DC Fast Chargers. The EV Connect platform also delivers EV drivers real-time access to charging station status through the EV Connect driver smartphone app.

Source: Press Release

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