EVOS Energy has raised $5M to boost the production of its hardware, which helps reduce the cost of charging. The charging units are complemented by EVOS’s software that helps dynamically manage load and optimise for tariffs. The company is targeting a specific problem in the adoption of EVs; suitable charging infrastructure. The company’s solutions are focused on customers who generally manage several EVs or EV chargers. In particular, EVOS targets residential property owners, EV fleet owners and workspaces.
The EVOS chargers and software utilise two unique systems to solve this problem. Firstly, the Dynamic Energy Balancing System enables an organisation to install many EV chargers without physically increasing their electrical capacity. Secondly, the Capacity Energy Matching System allows EVOS to safely over-subscribe charging units to match spare capacity in the local network. This means that the maximum available power is safely used. This capital raise follows a $1.7M raise in 2021.
Due Diligence: Australian Manufacturing Forum, AUmanufacturing.com.au