*NEWS: EV Connect Secures $12 Million to Scale Cloud-Based Innovations for Electric Vehicle Charging
EV Connect, with HQ in El Segundo, closed a $12 million Series B funding round.
Lead investors were Mitsui & Co. and Ecosystem Integrity Fund.
Funds will be used to support the global expansion of EV Connect’s cloud-based software to expand its charging ecosystem.
This funding round brings the total capital raised by EV Connect to over $25 million, with more than 6,000 connectors under contract.
In addition to taking an equity position in EV Connect, Mitsui has executed a commercial agreement to develop new business models around EV charging infrastructure.
Through its cloud-based software platform, EV Connect supports businesses and utilities in the optimization and management of EV chargers.
Companies can use a wide range of charging hardware, as EV Connect uses a certification program for stations based on international open standards and network flexibility.
EV Connect enables site owners, parking lot managers, fleet operators, and utilities to open up new business assets and revenue streams.
The company works with a large selection of charge station manufacturers for both Level 2 and DC Fast Chargers and serves customers like Lockheed Martin, Dell, Electrify America, and EVIE Networks.
For utilities like The New York Power Authority, DTE Energy, and Southern California Edison, EV Connect supports the optimization of EV charging infrastructure by providing insights into charge stations to help protect grid assets through demand response management, monitoring utilization, and ensuring that capacity requirements are met.
The EV Connect platform also delivers EV drivers real-time access to charging station status through the EV Connect driver smartphone app.