AES and Mitsubishi invest $7M in EV adoption platform from Motor
Electric utilities are motivated to accelerate EV adoption to meet decarbonisation goals and grow electricity demand. They also know they must keep rates affordable for customers. Managed charging will be a key component of an electrified future and today utilities are working to understand how best to implement time-of-use rates and other behavioral incentives that will ensure EV charging is done at optimal times for the electric grid.
Start-up Motor, which provides a consumer EV adoption platform that enrolls customers in utility managed charging programmes when they first get an EV, said that it closed a $7 million Series A investment round co-led by The AES Corporation and Mitsubishi Corporation.
Motor incubated at AES.
“We are excited to welcome Mitsubishi Corporation as an investor in Motor because of its high alignment with our team’s purpose: to decarbonise personal mobility,” said Praveen Kathpal, CEO of Motor.
“AES’ continued participation as an investor is meaningful because of its collaborative approach to co-creating solutions in our initial markets that are broadly relevant to utilities in the United States. With this new investment we will continue growing our impact by giving utilities the power to accelerate EV adoption and providing utility customers with the easiest way to start driving electric.”
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Motor believes it has redesigned the EV customer journey by providing utilities with the tools they need to both accelerate adoption and drive high enrollment in managed charging programmes. When a utility hires Motor, its customers get an all-in-one experience that includes a car, home delivery, EV onboarding, charging installation and utility programme enrollment.
Kristina Lund, President and CEO of AES Indiana and AES Ohio, said, “Our partnership with Motor has contributed significantly to EV adoption in our market, with an increase of more than 20% in Motor’s launch year in the Indianapolis area. Motor’s seamless signup process enrolls more than 75% of eligible drivers into managed charging programmes, an outcome that benefits all customers.”
The funding from this Series A investment round will accelerate its growth into new geographies, refine its digital EV adoption experience, and expand its industry partnerships, said Motor.
