Germany’s Ubitricity has raised €20 Million in Series C funding that will enable the company to accelerate its growth and further develop its unique mobile metering technology. The investment was made by existing shareholders including EDF and Next47 (venture capital arm of Siemens AG) and by new partner, Honda Motor Company.
Courtesy of Ubitricity
Ubitricity has developed a unique mobile metering technology for smart AC electric vehicle charging, on-street and off-street allowing local authorities, business owners, fleet and fuel card operators, as well as end-users to benefit from significantly lower charging infrastructure costs, removal of the need for dedicated parking bays and optimized pricing.
The company’s new funding will be used to accelerate the roll-out of charge points, in particular retrofitted lamppost charge points and real estate installations across the UK, Germany, France, and the US.
At the same time, the technology will be further developed for the mass market expected from 2020, and the prerequisites for services across the entire spectrum of V1G and V2G will be created.
“With Honda Motors, we have another strong collaboration partner on board who shares our vision of a smart electric vehicle which brings with it the essential technology to charge and bill clean power and smart charging services,” said Dr. Frank Pawlitschek, CEO and co-founder of Ubitricity.
The company has made significant progress in developing its technology, its market presence and its market access in London. Furthermore, Ubitricity’s role in Germany’s clean air program is driving installation of charge points in key cities with more than 3,000 Ubitricity charge points to be installed in Berlin, Hamburg and Dortmund.
Success in the highly competitive ‘NYCx Climate Action Challenge’, leading to a pilot program in New York, has further proven the intercontinental market for the company’s products and technology.
The commitment of new capital and increased levels of ownership by EDF and Siemens signal anew the importance of Ubitricity as a key pillar in both companies’ e-mobility strategies.