EVOS, an EV charging products manufacturer, has completed a seed funding round, securing $1.7 million from automotive manufacturing supplier Autostrada and an unnamed, premium ASX 100 listed company.
As a start-up specialising in fleet energy management and AC charging for EVs, EVOS will use the funding to commercialise its chargers and energy management software platform in Australia. The products will also be exported overseas.
EVOS founders CEO and chief commercial officer Marcelo Salgado; chief experience and innovation officer Seshan Weeratunga; and chief technology officer Chris Crossman have significant experience in the electric vehicle sector.
“We’re looking forward to using this investment to commercialise our products and deliver Australian businesses and the world an easy solution to their home and workplace charging needs,” Salgado said.
“Australia has an exceptional engineering and manufacturing track record, and electric vehicles and charging offers the nation an opportunity to continue that tradition in a new sector.
“Our investors feel the same way and we can’t wait to take our solutions to homes and fleets across Australia and into overseas markets.”
The funding will also ensure the hire of nine new engineers, to build and fine-tune the company’s purpose built home and fleet chargers and its software platform.
The EVOS Fleet Home 22 AC Charger and dual charge equivalent, the EVOS Twin, are manufactured in Australia and built to make home charging simple, affordable, flexible and manageable.
Easy to install, the AC Charger allows businesses and fleets to use idle time at night for up to 10 hours, or during work hours, to charge cars economically. The EVOS ecosystem manages the best time, speed and rate to charge vehicles, reducing the cost of upgrades.
“It’s designed to be simple to install and uninstall, so even employees could uninstall a charger in their garage,” Crossman said.
“It can withstand outdoor weather conditions, is IP65 rated and updates to the underlying software are delivered over the air (OTA) via Wi-Fi. But more than that, it’s safe and its reliable for homes and fleets alike.”
The chargers will be manufactured in Brisbane through Circuit Solutions, the manufacturing arm of Autostrada, one of the two major investors in EVOS.
“Circuit Solutions’ manufacturing line is 100 per cent powered by solar,” Weeratunga said.
“As governments look to achieve net-zero targets, they should look towards EVs and ultimately EVOS to help them get there.”
EVOS’ energy management software platform, the Smart Start system, manages the EV charging process without RFID tags, smartphone apps or fuel cards.
Smart Start collects data from the driver, car, charger and grid to provide a 360 view of the energy used in electric fleets.
It can also automatically authenticate the vehicle, which:
- Reduces costs by eliminating 3rd party authentication software
- Protects the network from outside access by only allowing authorised cars to use the asset
- Allows roaming on EV charging networks
- Allocates details of the energy used to a connected vehicle account for user invoicing
- Can be used as a payment system on other networks.
“We’ve had significant experience in this space and one of the biggest challenges we saw for everyday drivers and fleets alike is not only a lack of charging infrastructure in Australia, but the fact that using chargers can be overly complex,” Weeratunga said.
“When a driver went to a charger, they might have to download a specific app simply to be invoiced. And from a fleet perspective the hassle and time it can take to manage multiple accounts for its fleet was a significant hindrance to EV rollouts.
“Our solution addresses those issues immediately. The additional benefit of our patent-pending Smart Start platform is that it can be used to manage the payments on other charging networks; it’s not tied solely to managing EVOS chargers,” Weeratunga said.
With Australian state governments beginning to adopt EVs into their respective fleets, the true benefits will be realised once those vehicles are sold and a re-sale market emerges.
“Once we have a true re-sale market, we’ll see the cost of an EV go down significantly for the everyday family, and with that we’ll need more purpose-built home chargers for those families to take advantage of one of the key benefits of owning an EV: charging at home,” Salgado said.
“Government fleets are also set to see benefits, but to truly realise the potential of an EV fleet they need visibility into what their vehicles are doing, how they’re running and their energy consumption.
“This is why we were able to raise such a significant investment in our seed funding round. Our investors have seen that there is an emerging market in Australia and our technology directly addresses the key hindrances holding it back.”