Volvo Invests In Driivz
Driivz, an EV charging software company, has been picking up investment partners for a few years. The news this week is that Volvo Group Venture Capital (the venture capital arm of Volvo Group) has sunk an investment into Driivz.
As I wrote in July of last year, Driivz provides a white label EV charging software platform for charging networks, including a white label app that drivers can use for self-service. It handles the monetization of such networks and all. At the time, it was “managing millions of billing transactions of more than 600,000 EV drivers.”
The Volvo Group update adds, “The Driivz platform functions as an operating system for electric vehicle (EV) charging networks and is used by the operators of charging points, EV fleets and other key players in the ecosystem. The platform is scalable and modular, which makes it highly flexible and allows it to be customised to meet customers’ needs. The company has a large and growing number of customers in the utility, oil and gas, and automotive industries and among charging network operators, which are all leading the way in the rapid adoption of electric transport.”
Overall, it appears that Driivz has a very scaleable approach to EV charging software, a solid framework, and a highly regarded track record. It partnered with EVgo, the largest public fast charging network in the United States, at the very beginning of 2017, and MOL Group, a major oil and gas company headquartered in Budapest, Hungary, selected Driivz to manage its own EV charging network in July 2020. And there have been many deals in between. (Also, it just extended its partnership with EVgo. “Driivz has been our trusted partner for years. Their platform enables us to keep up with our rapid growth and to realize EVgo’s technology vision via a hybrid approach where we will work together to complement each other’s technical strengths,” said Ivo Steklac, COO and CTO of EVgo.)
In the case of Volvo Group, Driivz seems eager to have a bigger role in fleet electrification of trucking. “We’re proud to be working with the Volvo Group, which is playing a leading role in the electrification of truck fleets,” said Doron Frenkel, CEO of Driivz. “The investment reinforces our belief in our business model and will be used for geographic expansion and continuous product innovation.”
“The Volvo Group ambition is to offer state-of-the-art truck charging services for a seamless charging experience. Working with Driivz enables us to begin putting our ambition into effect,” said Marcus Anemo, Senior Innovation Manager at Volvo Group Connected Solutions.
Sounds like a solid plan. Also, considering that electric trucking is several years behind the electric car market, this news indicates a few more things to me. It shows that the electric trucking market is starting to get hot. It shows that Volvo Group is intent on being an electric trucking leader with a well considered, high-quality, scaleable charging solution for EV fleets. It implies that Driivz is equipped to be a major player in the electric vehicle transition and is solving some of the more challenging problems of the charging landscape in such a way that they can assist different segments of the broad electric transport market, including trucking.