⚡These EV startups raised $100m+ this month 🤑

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Happy Monday. Welcome to Electric Avenue, the only newsletter that gives you the “oohhs” and “aahhs” of e-mobility ⚡️.

Here’s what we have for you today:

• ICYMI: Our World Record EV roadtrip 🏆

• EV Startup Funding News 📈

• 3 Links 🔗

• Meme of the week 🤡

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Let's dive in!

In case you missed it: Our World Record EV roadtrip 🏆

Three weeks ago the Electric Avenue team set a world record for the least charging stops to cross the USA. We drove 2,800 miles from LA to NYC and pushed our Lucid Motors Air GT to its limit, achieving a world record of just 7 charging stops to cross the USA.

Since then we’ve gotten some great coverage on other EV news outlets:

InsideEVs article: https://insideevs.com/news/733089/lucid-air-grand-touring-la-to-nyc/

To find out all the details about the record and what challenges we faced along the way, check out our full trip video on YouTube:

For more nerdy details about the trip and our key takeaways check out our special edition post: ⚡How the Electric Avenue Team set a new WORLD Record 🏆

EV (Startup) Funding News 📈

Guess what day it is? It's our monthly “Money Monday” 🤑 - Here's who secured the bag in recent EV startup transactions💰 and which startups you should keep an eye on 👀:

• Qwello: The German CPO Qwello secured €65 million in debt financing to expand its public curbside AC charging infrastructure in Europe. Link

• Turbovolt: Estonian charging provider Eleport expanded into Croatia and Slovenia through the acquisition of Turbovolt. Link

• Chargemaker: ista, a German energy service provider, acquired Chargemaker, a company that provides charging solutions for residential and commercial buildings.. Link

• Porsche and VARTA: In a strategic move, Porsche has invested in VARTA to support the battery manufacturer’s restructuring efforts. This collaboration aims to strengthen VARTA’s position in the competitive EV battery market. Link

• 3V Infrastructure: 3V Infrastructure, a newly launched company dedicated to expanding Level 2 charging in multifamily housing, hotels, and other long-dwell properties across the United States, has raised a significant amount of capital to start its operations. The company secured up to $40 million from Greenbacker Capital Management to support this mission. Link

• Enteligent: The California- and Canada-based startup Enteligent, which specializes in solar-powered, bi-directional DC-to-DC EV chargers, raised a new $6m round of funding, led by Taronga Ventures. Link

• Parkstrom: German energy service provider Getec acquired the customer base of the insolvent Parkstrom, a charging solutions provider. Getec will integrate Parkstrom’s customers into its existing portfolio, expanding its EV charging network. Link

Know any E-mobility companies that raised recently? -> Reply to this email or send us a link to [email protected]!

Today’s edition is sponsored by SIRI: 

Siri Electromotive is the only Indian EV Charging Startup with a proprietary full technology stack where all products are being built in India from the ground up, conforming to global standards. Learn more at siriem.com!

3 Links 🔗

• Allego goes PnC🔌: European DC fast charging network Allego is about to make EV charging a whole lot easier with Plug&Charge, rolling out by the end of 2024 in Germany and the Netherlands. The company is using OCPP v2.0.1 to enable the feature, and collaborated with charger manufacturer Alpitronic as well as Ford to launch the functionality. (Link)

• NEVI: Free the Data!🇺🇸: Back in December we held an Epic Battle of the Abbreviations - AFIR vs NEVI. At the time we highlighted that both funding programs require charging networks to share important data (eg. pricing, real-time charger availability) with 3rd parties (eg. navigation providers) via a standardized API and free of charge. To support this effort, the US Joint Office of Energy and Transportation just released the “Standardized Protocol for Real-Time APIs as Required by Title 23 CFR 680.116(c),” a resource with recommendations for deploying the necessary APIs (Link to announcement).

• What’s going on in Norway? 🇳🇴: Norway has been at the forefront of electrifying mobility and transportation for years. This year, Norway set a world record in August with a 94 percent share of new electric cars. To date, there are 751,000 electric cars, representing 26.2 percent of the car fleet (Link). On the charging infrastructure side, Norway has an installed base of 8,757 charging stations. Notably, a recent report found that one year after the legal requirement to equip charging stations with credit card terminals, only 25% have installed credit card readers (Link).

  

  Survey by Teknisk Ukeblad

Most-clicked link last week: Was our Electric Avenue Glossary of EV terms - A living document where we explain the many abbreviations and acronyms used in the EV, Charging & Energy industries (Link).

Meme of the Week 🤡

Little bonus meme since we couldn't make it in time last week. 😃 

🤣

Reader Review of the Week

Selected ⚡️⚡️⚡️⚡️⚡️ Freakin’ awesome on⚡Why the MSP is going to be the King of Smart Charging 👑 and wrote:

“great work on MSP value, it's jacobs story a bit but I like the movement in the value chain. in Dutch, a large MSP (and part of traditional AA) is making waves about CPO tariffs, that's how I like it! : https://www.anwb.nl/auto/nieuws/2024/augustus/anwb-introduceert-auto-stop-functie-tegen-onredelijk-hoge-blokkeertarieven”

That's a wrap for this week! Let us know how you feel and leave some feedback (We read every single one of these 🙂 ):

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DISCLAIMER: None of this is financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. The Electric Avenue team may hold investments in or may otherwise be affiliated with the companies discussed.