Ubitricity, developer of smart electric vehicle charging solutions has recently secured €20 million in a Series C funding round from existing shareholders including EDF and Next47 (venture capital arm of Siemens AG), and the Honda Motor Company.
A few days back, Honda purchased almost 15 per cent of the shares in the mobile metering startup Ubitricity. This investment could be a sign of Honda’s big plan on integrating ubitricity technology into its upcoming electric cars.
Will be used to accelerate roll-out of charge points
This latest funding will enable the company to accelerate its growth and further develop its unique mobile metering technology. To be more specific, the capital 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 USA.
On the other hand, the company will develop the technology further for the mass market around 2020, and the prerequisites for services as well.
Charges EVs with energy from renewable resources wherever they park
For the starters, ubitricity has developed a unique mobile metering technology for smart AC electric vehicle charging, on-street and off-street. The company has developed an intelligent charging cable which entails all metering and billing technology — the SmartCable. The user carries the mobile electricity contract, tied to the SmartCable, along to the charging spot.
Notably, the ubitricity SmartCable makes it possible to include all charging transactions in one single bill and allocate the bill to the respective vehicle. The user portal offers a transparent overview of all transaction data. The charging and transaction data is managed by ubitricity.
Germany’s clean air program!
Based out of Berlin, the company has made significant progress in developing its technology, its market presence and its market access e.g. 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.
Dr Frank Pawlitschek, CEO and co-founder of ubitricity, said:
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.
Stay tuned to Silicon Canals for more updates in the tech startup world.