EVenergi Announces First Close of $10M Series A Led by Aligned Climate Capital, Enabling Expansion of the BetterFleet Platform
EVenergi offers a comprehensive, integrated solution for decarbonizing complex fleets with their BetterFleet software platform, already deployed in North America, Australia, and Europe
Ann Arbor, MI – EVenergi Labs Inc. (“The Company”) today announced the first close of its $10 million Series A, led by Aligned Climate Capital LLC (“Aligned”), to drive the expansion of their BetterFleet® software platform. BetterFleet provides fleet operators with a single platform to plan, manage, and accelerate the transition to zero-emission vehicles while reducing cost and risk. The announcement comes on the second anniversary of the Infrastructure Investment and Jobs Act (IIJA) – which included the United States’ largest-ever investment in decarbonizing heavy transportation infrastructure.
Across the public and private sectors, fleet operators, including transit agencies, municipal governments, logistics operators, and utilities, have committed to decarbonizing hundreds of thousands of vehicles as early as 2030 to meet emissions reduction goals. However, there are still significant hurdles to successfully transitioning to 100% zero-emission vehicles, from upfront costs to selecting the right technology, route planning, resilience, utility upgrades, and energy management.
Using real-world data and road-tested algorithms, the BetterFleet platform from EVenergi simplifies planning through automation in charger and vehicle selection, utility infrastructure sizing, and optimization of operational planning. The platform also manages the fleet’s live charging and operations to ensure financial and sustainability goals are met in a way that does not disrupt the core duties of the fleet while minimizing impact on the electricity grid. This is made possible by BetterFleet’s “digital twin” and machine learning technologies that simulate fleet operations with the highest degree of accuracy and optimize ongoing performance.
“We saw a gap between sustainability goals and the realities of operating vehicle fleets in the shift to zero emissions. Transitioning to EVs is capital intensive and complex, and our software simplifies the process while decreasing costs. Now fleet managers can use a single platform to plan and manage zero-emission fleets for the first time,” said Daniel Hilson, Founder & CEO of EVenergi. “This partnership with Aligned is key to accelerating the continued development of our software solutions as we expand into new and existing markets.”
The investment from Aligned will support the growth of EVenergi’s North American presence through the growth of its team, software research and development, marketing, and go-to-market expansion. To date, BetterFleet has supported the decarbonization of over 60,000 vehicles worldwide in more than 200 fleets, including major fleets in New York, Seattle, Detroit, Honolulu, Sydney, Melbourne, London, and more.
Aligned will join EVenergi Labs Inc.’s Board of Directors with this investment.
“With billions of dollars flowing from the Infrastructure Investment and Jobs Act to states and cities to decarbonize heavy transportation, clean fleet optimization is an important piece of the puzzle. EVenergi is well-positioned to be a market leader in fleet decarbonization thanks to its one-stop shop for planning and managing fleets, international track record, and hardware agnostic solution. BetterFleet will also dramatically expand the reach of funding for infrastructure by minimizing the amount of infrastructure and optimizing when it uses the grid. Aligned is proud to be a partner in EVenergi’s continued decarbonization of North American fleets,” said Peter Davidson, CEO of Aligned Climate Capital.
Management consulting company McKinsey & Company estimates that there are 7 million medium to heavy-duty vehicles on the road in the U.S. today, the vast majority of which are internal combustion vehicles (ICEs), which produce about 7.25% of the country’s greenhouse gas emissions.
About Aligned Climate Capital
Aligned Climate Capital LLC is an asset manager investing exclusively in the people, companies, and real assets that are decarbonizing the global economy. Founded in 2019, Aligned is a dynamic and mission-driven firm that believes solving climate change is a unique opportunity to generate strong financial returns while achieving meaningful environmental and social impact. The team works at the intersection of finance, technology, and public policy with a particular focus on ESG metrics. For more information, please visit www.AlignedClimateCapital.com
EVenergi streamlines the transition to zero-emission vehicles with intelligent software solutions, enabling organizations to plan and manage fleets with a simplified, data-driven approach. EVenergi has developed and markets the BetterFleet platform in the United States, Europe and Asia Pacific. Their vision is to accelerate the transition to zero emission fleets by making it more efficient from a financial, operational and environmental perspective. Founded in 2016, the company has expanded to serve over 200 complex fleets across North America, Europe, Singapore and Australia.