Photo - Elocitytech Inc. (Elocity)
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Elocitytech Inc. (Elocity)

Optimizing electric vehicle (EV) charging

Canada, Toronto
Market: Transport, Another
Stage of the project: Operating business

Date of last change: 01.07.2021
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Idea

Elocity is a tech company that is focused on optimizing the electric vehicle charging ecosystem. Elocity is accelerating EV adoption with an advanced and innovative EV charging demand management technology called HIEV. HIEV technology significantly reduces both the CAPEX and OPEX of EV charging infrastructure. HIEV is purpose built to provide electric utilities, businesses, and buildings an open, interoperable and smart EV charging future. HIEV’s artificial intelligence predicts, forecasts, and manages EV charging demand to substantially improve electricity grid supply quality and reliability.

Current Status

Elocity first tested and demonstrated HIEV technology with London Hydro (A leading electric utility in Canada). HIEV technology is successfully working in the field for almost 2 years now. Elocity has additionally partnered with many other utilities, research institutions, and businesses. HIEV technology has been implemented with two more large utilities in Canada, one research institution and many more projects are in the pipeline.

Elocity has refined the HIEV technology with laboratory and field trials . Elocity is moving to production next quarter partnering with Celestica. (Celestica is the largest contract manufacturer in Canada and operates globally with over $9B in annual production).

Elocity has also partnered with Centennial College to develop a test bed for continued product refinement and access to their state of the art microgrid campus having more than 40 EV chargers. This strategic partnership will help Elocity to mature the HIEV technology further with different types of chargers and scenarios.

Elocity has already licensed HIEV technology SaaS for more than 600 EV chargers in India and growing. Elocity has many more projects signed or under contracting in Europe, Asia, and North America.
Elocity also has projects in the contracting phase to deliver tens of thousands of HIEV EVPlugs to some of Canada’s largest builders who see HIEV technology including EVPlug as the solution they have been looking for to solve their EV charging and related building load management challenges.

EVPlug has been certified by the Electrical Safety Authority of Ontario. Elocity is in the process of getting other required certifications for US and European markets.

Market

Our solution cuts across the EV charging hardware and software market. The electric vehicle charger market size was valued at $3.8 billion in 2019, and is projected to reach $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027. (https://www.alliedmarketresearch.com/electric-vehicle-charger-evc-market).

Below is the analysis for the US market from 2020 to 2030:

•TAM (Total Available Market): $30 - $50B EV chargers & customer-side infrastructure.
•SAM (Serviceable Available Market): Elocity’s product addressable market would be 20% of the TAM. Revenues from supply of smart EV charging hardware and software solution = $6–$10B in the same period.
•Elocity will capture 10% of this market which is $0.6-$1B

Elocity earns revenue with HIEV-EVPlug (Smart Hardware), HIEV – Cloud (Software Suite) or a combination of both. We offer various types of pricing models to our customers:

•Only HIEV–Cloud on SaaS model: Between $5,000-50,000 depending on number of EV charging points. This model is designed for electric utilities and charge point operators with quantities more than 1000.
•HIEV–EVPlug with upfront cost model: Onetime per EVPlug cost is CA$500 + 20% of yearly support cost after three years of warranty. This model is designed for buildings.
•HIEV–EVPlug subscription model: one time per EVPlug cost is CA$300 + CA$8 per EVPlug per month. This model is designed for both utilities and buildings.

Problem or Opportunity

Transportation electrification has been deemed an absolute must by governments around the World as a key initiative to global decarbonization since this sector produces more than one quarter of all CO2.

Importantly, they have made significant financial commitments to support the building of EV charging infrastructure as it remains one of the largest obstacles to mass EV adoption.

Electric utilities are not able to manage EV charging demand in the absence of a technology that can provide clear visibility of EV charging and smart controls to minimize EV peak load demand on the grid.

Building owners and operators are faced with paying extremely high costs of setting up smart EV charging infrastructure and committing to high monthly service fees fr om closed network service providers.

The vast majority of EV charging is preferably and conveniently done at homes, buildings and parking spaces wh ere EVs sit parked for long periods of time.

Making all parking spaces EV ready is a massive opportunity and requires advanced technology that can optimize the benefits and minimize the costs for all stakeholders. This includes the electric utilities that must deliver all the power that is needed both reliably and cost effectively, the building and property owners or operators as well as EV charging service providers and of course the EV owners and drivers themselves.

Electricity will be the transportation fuel of the future and the signs are all around us now.

The nascent EV charging industry lacks a standardized and unified solution to enable cost effective, reliable, and customer friendly communication between EV chargers, EV drivers and grid operators.

Elocity stands poised to deliver the most technologically advanced and most cost-effective EV charging management technology that will disrupt the current nascent industry.

Solution (product or service)

Connecting all the stakeholders in the EV charging ecosystem is a must for sustainable and cost effective EV charging management that provides the best EV charging customer experience.

Large-scale implementation of managed EV charging requires open standards, interoperability and customer data privacy for the EV drivers.

HIEV technology offers an open, interoperable and privacy protected technology to bring all the stakeholders in EV charging on a unified platform. HIEV substantially reduces the cost of EV charging infrastructure and creates an intelligent managed EV charging network at a fraction of the cost of current solutions.

HIEV-EVPlug is a low-cost smart plug equipped with local intelligence, revenue grade metering, smart controls and blockchain to bring missing data and controls in EV charging demand management.

HIEV has been designed to solve challenges faced by electric utilities and buildings to prepare for a sustainable electric vehicle future.

HIEV is unique vendor agnostic technology that works with any EV charger in the market.

HIEV’s novel privacy preservation and selective disclosure tools based on open source blockchain ensures data security and anonymity for EV drivers, significantly improving participation in EV demand management.

HIEV’s modular approach brings the EV load management and scalability with over 80% cost savings compared to any other technology on the market.

Competitors

EV charging demand management is a nascent industry needing the technology provider to enrich and mature the technology.

The market is fragmented; there are many new and unproven solutions; many start-ups are still searching for the sweet spot.

Elocity has a definite edge in the market considering its ability to bring any charger on an open and interoperable network with required protocols needed to integrate with electric utilities and building software systems. Below are a few competitors working on EV demand management purely focussed on software system integration:

https://www.weavegrid.com/
https://www.chargelab.co/
https://moevinc.com/
https://swtchenergy.com/
https://www.fleetcarma.com/

Advantages or differentiators

All the above companies lack the ability to offer an end to end EV charging demand management solution like Elocity. Elocity has a unique hardware and software solution which works with any EV charger solving the interoperability challenges for electric utilities, buildings, and EV drivers.

Elocity’s HIEV technology is leagues ahead of its competitors, addressing three top pain points with respect to managed EV charging:

•Novel technology for managing data privacy of EV drivers.
•Interoperability (It works with any EV charger).
•Integration with utility and building back-end automation systems.

Our innovative design and technology offer more value at a fraction of the cost.

Finance

Elocity has multiple revenue streams. We offer various types of pricing models to our customers:

•Charging as a service – Per month per charge port
•Infrastructure as a service – Based on per unit of electricity
•Leasing – Fixed price per month

We typically sign the above deals for 7 years.

In case a customer wants to pay upfront for Hardware + SaaS, the following are budgetary numbers:

•EVPlug (hardware component of the technology suite) for $300 one time per unit + CA$5 per month
•Tiered-package SaaS model $5,000-50,000 in monthly fees

Competition pricing is on average 4 times more than Elocity. HIEV's modular design allows us to offer better pricing to our customers. We also work with channel partners for sales, reducing our sales cost substantially.

Money will be spent on

Sales and marketing (30%)
Product maturation/R&D (30%)
Pilot project funding (40%)

Offer for investor

We are interested in partnering with a strategic investor that will help us navigate new markets, particularly within North America. We are willing to accept both equity investment as well as convertible notes.

Team or Management

Incubation/Acceleration programs accomplishment

Canadian Technology Accelerator Cleantech Cohort Fall 2020

Clean Energy Zone at Ryerson University

Accelerator Centre (Waterloo)

Won the competition and other awards

Pitch at the Park - Gold Medalists in cleantech startup pitch competition presenting to the Government of Ontario

EDF Pulse Awards India - Top 3 finalists in energy category
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Idea
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Finance
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Money will be spent on
Offer for investor
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Incubation/Acceleration programs accomplishment
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