⚡ InCharge V2X chargers, Tesla impact report

Happy Monday. This is Electric Avenue. We're like that hot cup of morning coffee - it's too hard to start the day without us ☕.

Here's what we have for you today:

• Startup Funding News 📈

• 1 Pic 🖼️

• 3 Links 🔗

• Meme of the week 🤡

Let's get into it!

Startup Funding News 📈

It's Money Monday 🤑  - this month we've seen $100M+ raised by EV Charging startups. Here's who secured the bag 💰 :

• Virta raised a €85m funding round from German utility E.ON and other investors. The Finland-based startup provides one of the most popular cloud-based charging station management systems (CSMS) in Europe. Over 1,000 EV charging businesses in 35 countries use the Virta backend today. As part of the announcement Virta disclosed annual revenues of €39M in 2022.

• Chargelab secured $15m in Series A funding from ABB e-mobility and other investors. The company's core product is a cloud-based charging station management system (CSMS), which is used by North American charging networks such as Girardin Energy, TurnOnGreen, and EVSTART.

• Switch EV secured an undisclosed minority investment from ABB e-mobility. The company offers an embedded charger operating system (Josev) as well as a cloud-based charger management platform (Switch platform). Both Josev and the Switch platform support OCPP 2.0.1 and ISO15118-20 standards "out-of-the-box" to enable advanced use cases like V2G.

Take-away: There can never be too many cloud-based Charge Point Management Systems. Or can there? With hundreds of companies existing, and new ones entering the industry seemingly every month, we may see a shakeout in the future. Barriers to entry are low and differentiation is a challenge when everyone interfaces with the same chargers (ABB, Tritium, Alpitronic, Delta...) , using the same open-source protocol (OCPP).

To see all E-Mobility companies that raised money in the last months, check out our EV&Charging funding database.

Do you know any E-mobility companies that raised recently? -> Send us a link to [email protected]!

1 Pic 🖼️

Gravity is coming: Lucid Motors teases its second model - the Gravity SUV - and releases images from recent track testing. Check out the video below for a sneak peek.

3 Links 🔗

• The "IONITY" of truck charging 🚚: Over the past ~4 years the chicken and egg problem has been largely resolved for electric vehicles. Government funding and automaker initiatives like IONITY and Electrify America have provided a solid level of high-power charging along major highways in Europe and the US. Now Daimler Trucks North America wants to repeat the "IONITY-playbook" to create charging infrastructure across the US for medium and heavy-duty vehicles. Together with NextEra and Blackrock a joint venture called Greenlane has been equipped with $650M to build charging infrastructure along the East and West Coast, and Texas. The first sites will be located in California, which recently issued the world's first sales ban for new diesel truck sales effective 2036.

• InCharge's bidirectional charger portfolio for fleets 🔌: Last week we reported about a Alternative Current (AC) Vehcile2Vehicle (V2V) - Bidirectional Proof of Charging (PoC). This week InCharge energy, a US-based provider of charging solutions for fleet and depot applications, launched a portfolio of bidirectional DC chargers with a supported in-/output power range from 22 up to 66 kW. The pitch is that these bi-directional chargers can help optimize electric fleet total operating costs (TOC) by providing grid services, shave demand peaks and optimize self-consumption of onsite solar power.

• Tesla's impact ♻️: In its 2022 Impact report Tesla published a few key insights:

  • A single Tesla vehicle avoids 55 tons of CO2 over a calculated 17 year life-time with current U.S. grid emissions (including manufacturing + supplied material emissions) [slide 22]

  • Average Battery degradation sits at ~12% after 200k miles (based on Model S/X batteries) [slide 39]

  • 99,95% uptime for Supercharger Sites (measured by average percentage of sites globally that had >50% of their daily capacity functional for the year) [slide 70]

Memes of the Week 🤡

That's a wrap for this week! Let us know how you feel:

Reader Review of the Week

Selected ⚡️⚡️⚡️⚡️⚡️ Freakin´ awesome on ⚡ Bringing juice to the office - with AC V2X and wrote:

"V2G, or V2X (Vehicle to everything) has been around since 2010 or earlier, but is finally gaining ground. Really excited to see more developments in this sector. Large-scale aggregated grid-balancing with V2G might be closer than we think"

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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 the companies discussed.