⚡ These EV startups raised $40m+ this month 🤑

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Here’s what we have for you today:

• EV Startup Funding News 📈

• 3 Links 🔗

• Meme of the week 🤡

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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 👀:

• KEBA Acquires EnerCharge: Austrian automation specialist KEBA has acquired the insolvent charging station manufacturer EnerCharge. This move marks another consolidation in the charging hardware market and expands KEBA's portfolio to include DC charging solutions. Link

• Paren Secures $3M and Acquires EVAdoption: San Francisco-based Paren Inc., an EV data platform startup, raised $3 million in seed funding led by Base10 Partners. Concurrently, Paren acquired EVAdoption LLC, an EV infrastructure data and analysis firm, with founder Loren McDonald joining as Chief Evangelist. Link

• Exicom Acquires Tritium for $37M: Indian EV charging firm Exicom has acquired Australia-based DC fast charging manufacturer Tritium for $37 million. This acquisition includes Tritium's manufacturing facility in Tennessee and its engineering center in Brisbane, Australia. Link

• Kraken Acquires Jedlix: Kraken, the AI-driven VGI platform of Octopus Energy, has acquired Dutch smart charging specialist Jedlix. This acquisition includes Jedlix's technology and team, with plans to transform Jedlix's Rotterdam office into a technology hub, enhancing Kraken's smart charging capabilities. Link

• Mitsubishi Invests in Ample: Mitsubishi Corporation has invested in battery swapping startup Ample. This investment aims to accelerate the deployment of Ample's battery swapping technology, offering a faster alternative to traditional EV charging methods. Link

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

3 Links 🔗

• If Mercedes comes at the efficiency king, it best not miss🎯: Mercedes’ new MMA platform, debuting in the upcoming electric CLA, seems to achieve efficiency numbers that can rival Lucid Motors’ 2025 Air Pure. Mercedes is predicting up to 750km (~466mi) of range (WLTP) and a consumption of only 12kWh/100km (WLTP). This converts to ~5.2mi/kWh in efficiency (WLTP), which would actually come in above Lucid’s 5mi/kWh EPA-rated efficiency. Two things to consider though: WLTP values are usually more optimistic than EPA values, and the Lucid Air is a larger and heavier vehicle than a CLA. We’ll have to wait for real-world range tests next year! (Link)

• Rimac x CEER collaborate on powertrain 🤝: Saudi Arabia’s upcoming CEER EV brand has partnered with Rimac to integrate Rimac’s electric powertrains into its vehicles. This collaboration underpins CEER’s ambition to deliver high-performance EVs in the Middle Eastern & African markets. Some have wondered why CEER isn’t sourcing its powertrains from Lucid Motors which is majority-owned by Saudi Arabia’s PIF fund. (Link)

• VW dissolves CARIAD as Rivian JV launches? : Back in ⚡ Did VW and Rivian just have a baby?👶 we reported about the upcoming joint venture between these two automakers. Now all relevant approvals happened and the joint venture is officially live. From the announcement it seems that the joint ventures’ scope has expanded, now also including some MEB-platform vehicles. At the same time German manager magazine reports that VW’s CARIAD division is potentially facing a total dissolution. (Link to JV launch, Manager Magazine article on CARIAD)

Most-clicked link last week: Was the Kempower whitepaper on charging success rates and charger uptime statistics (link)

Meme of the Week 🤡

🤣

Reader Review of the Week

Selected ⚡️⚡️⚡️⚡️⚡️ Freakin’ awesome on ⚡ Kempower lifts the curtain on charging success rate and uptime 🔎 and wrote:

“Thanks for the overview of the Kempower white paper. Charging session success rate is key, especially considering the % of EVSE reporting false-negatives & false-positives in CPO data!”

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.