Smart charging and vehicle-to-grid (V2G) specialist The Mobility House has raised a US$50 million internal Series C.
The internal round of financing – the company’s first where it disclosed the amount – was led by Mercuria and co-led by Ventura Capital and Green Gateway Fund, while Mercedes-Benz, Alliance Venture, Mitsui, and SP Group also participated.
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The money will go towards its technology development and expansion in Europe, North America and Asia. A European press said the amount raised was €50 million, with the two currencies currently at parity at the time of writing.
The company’s main products are its ChargePilot software which enables the optimisation of electric vehicle (EV) charging, and its EV aggregation and Flexibility Trading Platform which leverages V2G charging technology to provide services to the grid. The firm focuses on fleet vehicles.
The firm is based in Germany but has been expanding its US projects. In October, it announced that its ChargePilot software would optimise the charging and dispatch of a fleet of transit buses at the West Oakland Branch of the Oakland Public Library, including to provide backup power for the building’s air conditioning systems which serve the public during unhealthy heat or smoke conditions outdoors.
“That project will not be the last bidirectional project you’ll be hearing about out of The Mobility House in the US this year,” Sarah Woogen, head of USA operations and analytics for the firm told Energy-Storage.news in a recent interview.
In August, the firm joined EPEX SPOT SE, an exchange for power spot markets in 13 different European markets in which it will trade flexibility from 4,500 EV batteries totalling 100MW of power.
“In recent months, it has become increasingly clear: the market for smart charging and V2G is there and developing rapidly. It also has incredible economic and environmental potential for us to tap into,” said Robert Hienz, CEO of The Mobility House.