US-based Energy Impact Partners (EIP), a utility-backed energy investment and innovation firm, has invested $5.7 million (€5 million) in ViriCiti, a Europe-based EV fleet efficiency technology company (earlier post), in a Series A round. The investment is EIP’s first in a Europe-based firm.
ViriCiti has developed and deployed a telematics platform for monitoring and managing electric bus and truck fleets, enabling fleet operators to optimize battery and vehicle performance. The company currently serves more than 50% of the e-bus market in Europe and North America, with its solution integrated into some of the largest urban transit networks, including New York City, San Francisco and Los Angeles.
ViriCiti’s core product offers an integrated approach for vehicle monitoring and smart charging, utilizing route planning information and different charging platforms. ViriCiti’s real-time reporting framework keeps transit operators up to date on electric fleet operation, eliminating range anxiety and depleted battery incidents.
Mid- and heavy-duty vehicles present an enormous near-term opportunity for electrification, but fleet operators need the tools to leverage the unique characteristics of battery-powered vehicles. ViriCiti provides them vital capabilities that will accelerate electrification, lower operating costs and minimize impacts on the grid.—Shayle Kann, EIP Senior Vice President of Research & Strategy
The company is expanding to serve mixed fleet applications by providing telematics and optimization services to non-EV buses and trucks. It is also developing smart charging capability through the vehicle to dynamically charge as needed during trips, based on integration with multiple charging hardware suppliers.
As we are right in the middle of energy and infrastructure services, Energy Impact Partners is the perfect partner for us to strengthen our ties with the US market and utilities. We will use this investment to open our first North American headquarters on the East Coast and to grow our team and offices to ensure a great customer service and to build up our sales network.—Freek Dielissen, CEO of ViriCiti
Through its flagship utility-backed investment fund, EIP has already deployed more than $200 million into advanced energy technology companies, including Advanced Microgrid Solutions, Arcadia Power, AutoGrid, BHI Energy, Cimcon Lighting, Inc., Clevest, Dragos, ecobee, Enchanted Rock, FirstFuel, Greenlots, Mosaic, Opus One Solutions, Powerphase, Sense, Sparkfund, Tendril, and Urbint. Another EIP portfolio company, smart home security technology firm Ring, was acquired by Amazon in March 2018.