Europe’s Investment Bank (EIB) and The Mobility House have signed a EUR15m (US$17.9m) financing agreement to promote the integration of electric vehicles into the energy markets.
The loan will allow the Munich-based technology company to push ahead with R&D for its Charging and Energy Management system, ChargePilot.
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The transaction is supported by the InnovFin Energy Demonstration Project facility, which is funded through the EU’s current research and innovation programme, Horizon 2020.
Bi-directional charging, also known as vehicle-to-grid (V2G), can help drive energy transition and pave the way for faster market penetration of both renewable energies and electric vehicles.
Since cars spend a large part of their lives parked, V2G creates added value by intelligently connecting electric cars to the power grid to provide various grid-stabilising services. While meeting all energy and data security requirements, The Mobility House’s ChargePilot offers a solution which enables smart charging and discharging of electric vehicles according to the grid’s needs.
Currently, this is the only technology in the market which is non-proprietary and based on open standards to assure maximum scalability, says the EIB.
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By GlobalData“Whilst e-mobility alone will not stop climate change, it is a powerful tool to help us limit the rise in global temperatures to sustainable levels,” said EIB vice president in charge of innovation, Ambroise Fayolle.
“The Mobility House has devised a technology with significant potential to make electric mobility more attractive and expand the use of renewable energies. As Europe’s climate bank, the EIB aims to support breakthrough ideas in the field and we are glad to support a company with a zero-emission vision and the right tools at hand to turn it into reality.”
For his part, founder and CEO of The Mobility House, Thomas Raffeiner added: “The investment of the EIB attests to our vision. It shows smart integrated electric vehicles are an essential solution for reaching our climate targets. We would like to thank the EIB for the trust they have shown our team and technology.”
The funding supports activities in Germany, France, the Netherlands and other countries in Europe and promotes the expansion of renewables by allowing electric vehicles to be used for energy storage in the power grid, as well as making electric mobility cheaper.
The company’s non-proprietary and open technology has proven successful. It is used in several future-oriented applications, which have demonstrated the benefits of integrating electric vehicles into the energy system, reduced CO2 emissions considerably and highlighted the possibility for electric car owners to generate revenues.
