Demand for plugin electric vehicles has skyrocketed since the pandemic, with annual global sales volume for EVs seeing more than 6x growth since 2019, representing a compounded annual growth rate of 44.6% – going from 2.2M units in 2019 to an anticipated 13.9M units in 2023 (Telsa expected to account for 13% of the 2023 market).
The ostensible decade of digital pull-forward we experienced during the 10 months of economic lockdowns in 2020 coupled with the existential threat of mortality catalyzed a revitalized sustainable focus toward a healthier more sustainable planet. Elon Musk and his Telsa empire, an empire that nearly defaulted in 2019, proved to the world that the technology and secular demand required to efficiently scale (attain the economies of that scale) a global EV enterprise had finally become viable.
Despite the exploding global demand for electric vehicles, the critical infrastructure required to support this EV boom remains in its infancy, and tenacious entrepreneurs are rushing to fill this capital-infused economic gap – the International Energy Association (IEA) projects we’ll have 350 million EVs on the road by 2030, and only 1.7 million public charging stations (most of which are slow-charging stations, which aren't going to cut it in the years ahead).
Since the beginning of July, the built world venture market has seen 8 global investments into early-stage EV charging systems, for an aggregate of $104.9M in VC inflows. These deals were diverse in the stage of development and country of origin, with July’s EV charging investments spanning from Pre-Seed to Series B across 6 different nations (Germany, Switzerland, Ireland, the US, the UK, and the Netherlands), respectively.
Next-generations of electric vehicle charging stations are riding the climate tech tidal wave, we've seen in the past 3 years, and have been increasingly addressing the core issue of clean energy sourcing & distribution. This niche also has the benefit of the latest infrastructure-focused incentives/grants in the US and public mandates globally targeting net-zero emissions.
3 Top EV Charging Deals of July
$36.7M | Series A | 7/3/2023
Country of Origin: Netherlands
Investors: led by SEB Greentech Venture Capital, with participation from Graduate Entrepreneur, the European Investment Bank, and returning investor Forward.One
Rocsys is the leader in autonomous charging solutions for electric transportation. With an innovative approach that combines soft robotics, AI-based computer vision, and data-driven services, Rocsys creates a reliable, seamless, efficient, and cost-effective charging experience for fleets and consumers. Rocsys sets the standard for the future of autonomous charging with leading roles in industry consortiums and strategic partnerships with multinational corporations and OEMs.
Rocsys is founded in 2019 by a team of experienced entrepreneurs with highly complementary skills and strengths: Crijn Bouman (co-founder of Epyon, a fast-charging station and Vice President at ABB), Joost van der Weijde (PhD in soft robotics and co-founder of SpringScan), and Kanter van Deurzen (co-founder of Fizyr, a computer vision technology company). A strong foundation to create innovative solutions for autonomous charging.
In 2021 Rocsys raised 6.3 million dollars (5.25 million Euros) in a round led by Forward.One. This investment provided a solid basis to scale up our activities in Europe and North America.
$33M | Series B | 7/27/2023
Country of Origin: United Kingdom
Investors: led by National Grid Partners (NGP) with support from Aviva Ventures, WEX Venture Capital and InMotion Ventures, the investment arm of JLR. The round also saw continued support from existing investors Energy Impact Partners (EIP), Future Energy Ventures (FEV) and ArcTern Ventures
ev.energy is a Certified B Corporation® with a mission to make EV charging greener, cheaper, and smarter for utilities and their customers. Its end-to-end software platform wirelessly connects to a range of electric vehicles and chargers to intelligently manage EV charging while working with utilities to put cash back in customers' wallets for charging at grid-friendly times. With a global base of utility, vehicle OEM and EVSE partners, ev.energy manages more than 120,000 EVs on its platform each day.
$12.6M | Series B | 7/7/2023
Country of Origin: Germany
Investors: led by UVC Partners, with participation from Bayern Kapital with the Bayern 2 growth fund, Ponooc and Verve Ventures, and existing investors Energie 360° and BonVenture
ChargeX provides companies with versatile solutions for different application scenarios: charging vehicles for employees, customers, or the company fleet.
ChargeX offers Safe, modularly expandable charging systems that enable the efficient transformation of private parking areas into charging infrastructures.