Top 5 V2G Startups: Will You Join the Energy Industry Revolution?
Nowadays, when it comes to the electric car industry, there is a buzzword that gets tossed around a lot: vehicle-to-grid, or V2G. What does that mean, exactly?
Essentially, V2G is the ability to connect electric vehicles to the power grid and sell excess power back to this grid. This could revolutionize the energy industry as we know it, and quite a few startups are working on making V2G a reality.
This post will review the top five V2G startups to watch in 2024 and share how V2G technology can revolutionize the energy industry.
The future of V2G technology
V2G technology changes the role of the electric vehicle from an electricity consumer to a storage medium that supplies energy back to the grid. This can be done in two ways: by feeding energy back to the grid while the car is still parked, or by using the car's battery to provide power during outages or emergencies.
In both cases, the electric power will be cheaper, greener, and in a more available quantity compared to traditional consumption.
Imagine, for example, the peak load on the grid in the evening. At this time, everyone comes home and switches on different devices, which slows down generator speed at a power plant from standard 50-60rpm to 49,8rpm. As a result, the lights in the house may dim and blink, and some devices may not turn on at all.
This problem could be solved by extra energy coming from an independent third-party source. V2G software turns electric cars to such a source, increasing grid reliability and reducing the need for new infrastructure investments.
Although V2G solutions are just starting to develop, they have great potential across various industries. According to Statista, the global automotive V2G market size will reach $6 billion in 2025, compared to $860 million in 2018. Also, the number of vehicles with V2G support is going to increase soon. While Nissan Leaf and the Nissan e-NV200 are the only cars with embedded V2G technology right now, Ford, Volkswagen, and other world-known brands are already entering this path.
Five most prominent V2G products and services in 2024
While the Global Startup Heat Map shows a number of businesses working on V2G software development, the top five companies we've seen so far are:
IoTecha
The US-based startup, founded in 2016 with $1 million, has now raised $13,2 million to develop unique solutions for eVehicle smart charging and powerline communications. IoTecha works on hardware development, embedded software development, and creation of V2G cloud platforms. It utilizes AWS for smart IoT solutions and AI-driven predictive analytics. Also, it assists in device integration and also creates its own equipment for seamless adoption of advanced V2G technologies.
IoTecha's main products are:
white label charges
software solutions for manufacturers of charges
protocols that analyze V2G connection
IoT platform for devices management and control
The company partners with small and big businesses worldwide. Its mission is to modernize electric power consumption through the usage of high technologies and tools.
WePower
This is a promising V2G software provider from Lithuania that utilizes the power of blockchain to distribute electric energy in a more economical and faster way. WePower was funded by 12 investors who invested twice in startup development.
Currently, WePower software connects eVehicles, home batteries, and solar systems to create a buffer of renewable energy and ensure its timely delivery to energy consumers. The company claims that buying green energy has become as easy as buying a dress or shoes in an e-commerce store. All you need to do for that is to connect to the WePower platform and start vehicle-to-grid transactions.
V2G EVSE
This is a growing UK-based startup that creates charging systems that can both absorb the energy and give it away. Such a principle of operation is the basis for V2G charging. Unlike V1G, which acts as either energy consumer or supplier, V2G combines both functions and allows accepting and sharing energy when needed.
The distinctive feature of the V2G EVSE solutions is their high resistance to cybersecurity attacks. The EVSE team uses a cutting-edge technology stack to develop secure and reliable vehicle-to-grid systems to reduce charging downtime and earn on energy supply. Although the EVSE startup has only just started its business journey, its product is already in-demand thanks to the customer-centric and security-oriented approach.
Jedlix
Jedlix is a France-based company launched by V2G software developers and enthusiasts. It is working on a platform that allows transferring energy leftovers from the vehicle's battery to the power grid, thus, allowing vehicle owners to spend less on car maintenance.
The initial version of Jedlix vehicle-to-grid software was launched on the company's own resources in 2016. In 2021, the startup raised €5M from Osaka Gas which allowed it to put more effort into the development and create a smarter and more efficient charging solution.
Currently, Jedlix offers a convenient mobile app that allows users to easily manage battery charging, save on energy bills, and contribute to environmental protection. The app is available on iOS and Android. It has a user-friendly interface and helpful features to start earning while supporting the environment.
Fuergy
Fuergy is a Slovak startup that creates an AI-powered V2G platform and energy management software for end customers and power plants. Fuergy’s goal is to reduce customers' power bills using advanced technologies in V2G web/mobile app development and blockchain. Currently, Fuergy offers several proprietary products that enhance charging efficiency for energy suppliers and consumers.
For example, brAIn, a smart battery storage solution, applies advanced AI-based algorithms to suggest the best time to charge or discharge the battery.
mAInchart, a dispatch system for electricity suppliers, collects data from all the charging devices and provides valuable insights on how to optimize consumption plans.
The upcoming product is trAId, a V2G system that manages energy sources based on the development of intraday electricity market prices.
V2G software development: utilizing Blockchain and the Cloud
One of the main challenges of V2G is the fact that it's still in its early stages of development. There are a lot of unknowns when it comes to the feasibility and scalability of this technology, however, there are plenty of opportunities as well. Today V2G technology is not just a battery of two-way communication. Instead, it's a complex system of hardware and software products that utilize advanced solutions to make energy consumption economic and green.
Blockchain technology and cloud infrastructure play a crucial role in V2G software development and integration. With the help of blockchain, developers create a tamper-proof and transparent record of transactions. This is used to track the generation and distribution of energy, as well as the participation of consumers and producers in the grid.
The cloud, in its turn, is used to store and manage large-scale data collections coming from multiple devices of the V2G ecosystem. It also provides space and tools for developers to create software for energy consumers and producers. While the former access information about their energy usage, the latter sell energy directly to consumers using these platforms.
How to get started with Vehicle-to-Grid technology
Vehicle-to-grid technology is a game-changer for the energy industry, and many startups are leading the charge. If you're looking to get started with V2G development, the first step is to identify a reliable partner. Many companies offer V2G app development services, so it's important to do your research and find one that fits your needs best.
Once you've found a trustworthy company, the next step is to evaluate your idea, create a detailed project estimate, and set realistic deadlines. Be sure to ask what technologies the team will be using, how it will communicate with you, and what deliverables you will receive.
When all the details are agreed upon, approve the project launch. With a professional development team, EV smart software development can be done quickly, easily, and within the established budget.
