Volteras Raises $11.1M to Connect EVs to the Power Grid
Volteras, a London-based startup, has secured $11.1 million in Series A funding led by Union Square Ventures. The company aims to connect electric vehicles (EVs) to the power grid, transforming them into virtual power plants.
The potential of EVs to support the grid is significant. Connecting every EV currently on the road could increase U.S. grid-scale energy storage tenfold.
Volteras Building Software for EV Grid Integration
Volteras is developing software to facilitate this connection. This software acts as a virtual link, allowing plugged-in EVs to share their battery power with the grid. This creates a network of distributed energy resources that utilities can utilize for quick and efficient power dispatch.
“In the future, the electric vehicle will be the center of the entire energy grid,” says Peter Wilson, co-founder and CEO of Volteras.
Volteras integrates with automakers' APIs, offering access to connected car features like remote unlocking and telematics. The company charges a monthly fee per connected car to businesses using these features, sharing a portion of the revenue with automakers.
Several other companies are working on similar solutions, including Texture, EV.energy, and Greenely. However, Volteras claims a significant advantage, partnering with over 30 automakers, including Ford, BMW, Tesla, Stellantis, and Volvo.
Wilson expects Volteras to cover 90% of the global automotive market by the end of the year.
Beyond Virtual Power Plants: Expanding Connected Car Services
Beyond virtual power plants, Volteras is targeting fleet managers, EV routing apps, and insurers interested in usage-based plans. The company believes this "hidden data layer" will drive new services, discounts, and make EV ownership more affordable.
While automakers like GM have previously set ambitious targets for connected car services, progress has been inconsistent. Despite this, Volteras remains optimistic about the potential of connected car services, starting with the EV battery.
For more information, visit Volteras.
