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Electric vehicle charging app Ev.energy raises £26m

Nick Woolley and Chris Darby, co-founders of EV.Energy

London-based electric vehicle charging app Ev.energy has received a funding surge of $33m (£25.8m) in its Series B round.

Launched in 2018, the startup counts National Grid, Volkswagen Group, Maxeon and Siemens as customers as part of its 120,000 daily users.

The company will use the latest investment drive to boost its presence internationally with expansion in the UK and North America.

“In the next few years, total EV demand in most developed countries will surpass the energy output of even the largest power plants – for example, the behemoth Palo Verde Generating Station in the US,” said Ev.energy chief executive Nick Woolley.

“As more EVs come online, optimised charging and load maintenance will remain critical tools for ensuring grid stability.”

Ev.energy’s round was fronted by National Grid Partners, with Aviva Ventures, WEX Venture Capital and InMotion Ventures. Energy Impact Partners, Future Energy Ventures and ArcTern Ventures provided follow on financing.

The Series B makes up a significant amount of the firm’s overall investment to date, which now stands at $46m (£36m).

National Grid Partners’ senior director Bobby Kandaswamy, said: “Ev.energy has benefited from years of sustainable growth, product innovation and steady leadership. This has enabled it to close a significant funding round despite a turbulent economic climate.”