The growing use of electric vehicles (EVs) and impending restrictions on internal combustion engine (ICE) vehicles are driving the rapid expansion of commercial EV charging networks around the world, aiming to match the convenience and accessibility of traditional petrol stations.
However, a major challenge to this expansion is the limited capacity of existing power grids, which are being strained by the growth of distributed renewable energy generation and the escalating demand for electricity from the growing EV population.
Sophisticated load and energy management software is urgently needed to mitigate and overcome the risk of grid upgrade backlogs that could leave EV charging stations stranded without power, and to ensure that society efficiently uses the increasing amount of renewable energy being fed into the European grid.
FLEXeCHARGE solves this challenge by providing a load and energy management solution through an interoperable platform that integrates with a variety of EV charging hardware and charging point management systems. The platform's vendor-neutral technology allows both AC and DC chargers to be integrated into a single load management system that can be managed locally or via a cloud-based solution. By consolidating the operations of multiple charging sites on the FLEXeCHARGE platform, users can reduce the costs associated with charging by utilising local renewable energy sources, storage systems and participating in flexibility markets.
In addition to cost savings, the open architecture of the FLEXeCHARGE platform allows customers to remain independent of specific management systems and hardware suppliers, offering the ability to interface with a wide range of software or hardware. This flexibility can contribute to improved energy procurement strategies and will increase operational efficiency.
Why we invested
FLEXeCHARGE capitalises on the expanding global EV market, which is expected to exceed 200 million EVs and 300 million charging points managed by over 100,000 charge point operators (CPOs). These operators are challenged to economically power a vast network of chargers with minimal grid fees and limited capital expenditure. The FLEXeCHARGE solution effectively addresses this critical need.
Its open platform, which is vendor-neutral and interoperable, enables seamless integration without vendor lock-in. This facilitates rapid onboarding for both existing and new infrastructures. In a market fragmented by disparate charging hardware and software, FLEXeCHARGE's platform enables customers to optimise power demand across different chargers, creating a unified management system that is unique in the industry.
FLEXeCHARGE's entry point as a charging energy service provider holds promise for future expansion, particularly with the advent of variable tariffs, bi-directional charging and the integration of charging stations with other energy systems.
With limited resources, FLEXeCHARGE has demonstrated the efficacy and market fit of its product by implementing its solution with multiple customers, establishing a solid foundation for growth. The traction it has gained underlines the value proposition of the platform and its potential to revolutionise energy management for EV charging at scale.