Evos, an electric home and fleet charging manufacturer founded by former Tritium executives, is seeking to raise up to $10 million to fund its expansion and stake its claim in the rapidly expanding zero-emission vehicles market.
The transition to electric vehicles has sparked a rush of companies seeking to manufacture fast-charging units, but Evos hopes to differentiate with its software management.
Evos said its energy management software system could save users money by using data to reduce the cost and improve the use of energy. It would also verify key data for automatic charger authentication without the need for third-party software.
Evos said its system could control charge rate, speed and power to ensure owners could manage their energy output, which it said could reduce the costs of charging at home.
Keen to develop the system and expand, it has begun the process of raising between $7 million and $10 million from strategic investors .
“We are busy creating the technology that focuses on how to get the energy to the site, how they get it to the vehicle and how that gets used,” Marcelo Salgado, chief executive officer of Evos, told The Australian Financial Review.
Mr Salgado said the money raised would enable the company to hire more staff to improve the software and create a presence in the United States.
The raise comes a year after Evos tapped almost $2 million from investors to commercialise and begin manufacturing its home and fleet chargers.
Evos’ chargers are already manufactured by a subsidiary of Autostrada, Circuit Solutions, which powers its operations completely by solar.
The company said on Monday it had completed the installation of a unit at the electric services company LPE on Queensland’s Sunshine Coast.
Mr Salgado is a co-founder of Evos alongside Seshan Weeratunga and Chris Crossman. All three previously worked for EV fast-charging technology company Tritium, which has experienced rapid growth and recently completed a $2 billion Nasdaq listing through a special purpose acquisition company.
Tritium has soared amid the global growth of EVs in recent months, and last week announced a deal for almost 1000 units with BP, sending shares up more than 10 per cent.
Unlike Tritium, Evos is focused on the fleet market, betting that many EV users will predominantly charge at home or the office.
“Our technology is banking on the fact that 80 per cent of people are going to charge on the AC circuit at night-time,” Mr Salgado said.
“If you’re a fleet, you have to buy your EV, you’ve got to buy your charging hardware, you have to buy charging software, and then you have to manage the complexities of things such as tariffs, and we are trying to simplify this for our customers,” he said.
Competition is growing, however, with several start-ups also targeting the market for home and office EV charging.
Extracted from AFR