Veloce Energy completed Series A round to reduce time and cost to deploy and operate EV charging stations
The shift towards electric transportation is rapidly gaining momentum, driven by significant investments from major automakers, favorable economics, and urgent measures to combat climate change. However, this surge in electric vehicle (EV) adoption is also creating a strain on an already aging and rigid utility grid and other infrastructure, making it more challenging to implement EV charging stations quickly and cost-effectively.
Upgrading the grid infrastructure to support these charging connections can take more than a year to plan and construct, and the costs are becoming increasingly steep. That’s why Denver, Colorado-based tech startup Veloce Energy is on a mission to reduce the time and cost to deploy and operate EV charging stations and commercial and solar storage.
Founded just a year ago, Veloce’s technology streamlines the entire process of connecting, designing, installing, expanding, and operating grid edge systems. Its FastGrid solution incorporates state-of-the-art bi-directional energy storage systems that are fire-safe, modular, and compact. Veloce’s FastGrid also features modular installation systems and integration and operation software. Additionally, Veloce’s charging station infrastructure is interoperable and adheres to open standards, allowing operators of EV stations, fleets, site hosts, and utilities to effectively manage EV charging and other loads, while simultaneously improving the functionality of existing grid resources.
To drive the expansion and further commercialization of its product lines of eMobility and grid edge technology, Veloce Energy announced today that it has completed its first round of Series A venture capital funding from two companies committed to supporting the growth of its disruptive technology. The total amount of the fund was not disclosed.
ITOCHU, a $100 billion Japanese conglomerate, and Ecliptic Capital, a Texas-based venture firm, are investing in Veloce to advance the company’s cutting-edge technology and build out its product roadmap. The announcement comes as developers and service providers work to secure grant funding and tax credits from a variety of sources, including the National Electric Vehicle Infrastructure (NEVI), the Inflation Reduction Act, and numerous state programs.
Veloce’s future-proofed FastGrid can be installed behind the meter with minimal digging and disruption, and without the need for major utility upgrades. Veloce’s manufacturing strategy was based on the technical, domestic content, and system sizing requirements established by the various funding programs, allowing the company’s products to qualify for a variety of incentives.
“We are working tirelessly to bring our hardware and software EV (Electric Vehicle) charging infrastructure platform to the masses. These investments from two world-class organizations with values like Veloce’s will drive faster and more affordable deployments of our FastGrid™ infrastructure platform. Incorporating our VPort™ modular battery energy storage solution (BESS), our FastConnect™ above-ground power, communications, and services installation solution, and ARGOS™ our site management software, we slash cost and time from EV charging projects,” said Jeff Wolfe, Veloce CEO and Co-Founder. “Our already-deployed fleet of commercialized products and results from recent performance and safety testing has served as an excellent proof source for these two highly sought-after investment partners. We look forward to bringing additional investors into the conversation to finalize what is remaining in our Series A efforts.”
Veloce’s future-proofed FastGrid can be installed behind the meter without the need for major utility upgrades, and with minimal digging and disruption. Veloce’s manufacturing strategy was built on the technical, domestic content, and system sizing requirements set forth by the various funding programs, making the company’s products eligible for many incentives.
“ITOCHU recognizes the constantly changing energy landscape, ongoing need for grid stability, and rapid growth of vehicle electrification. Veloce hits the mark when it comes to solving these problems,” said Masashi (Mike) Nishio, ITOCHU Manager of the Energy Storage Solution Business Section. “We understand these needs comprise the foundation on which Veloce Energy was born and look forward to putting our investment to work to fund the deployment of these solutions. We will also contribute directly to the commercialization of this product suite in our own projects in the United States, Japan, and other parts of the world.”
“Ecliptic is proud to support Veloce Energy as a co-lead of this series A financing. We believe the veteran team at Veloce has truly grasped the enormity of the challenge in meeting the demand for EV charging infrastructure and grid-edge storage solutions. They have responded with a commercial-ready solution that not only drastically improves speed to deploy but also enables expandability while being adaptable to the existing built environment,” said Adam Lipman, Ecliptic Capital Co-Founder and Managing Partner.