Grids Gone Grey

Setting the Scene

As electric vehicles continue to gain traction, the electrical grid is feeling the pressure to keep up with the growing demand for efficient and reliable charging infrastructure. WeaveGrid, a startup founded in 2018, is stepping up to the plate by developing electrification software for the scalable deployment of EV’s on the grid.

Grid Integration Challenges

The increasing adoption of EVs is driving the need for a more robust electrical grid capable of handling the additional load from EV charging. However, the grid is showing its age, with the average power transformer clocking in at 25 years. As the grey hairs start to come in, it's high time for an upgrade to accommodate the growing demand and prevent the grid from short-circuiting under the pressure.

Data-Driven Solution

WeaveGrid's enterprise SaaS platform integrates data from utilities, automakers, and drivers to help utilities manage the load that EVs place on the grid. By leveraging machine learning capabilities and driver engagement tools, WeaveGrid's platform supports EV charging optimization and helps utilities identify where they can most effectively upgrade their distribution infrastructure.

A Good Ol’ Fashion Western

With the global electric vehicle market expected to reach $802.81 billion by 2027, growing at a CAGR of 22.6% from 2020 to 2027, there is a significant market opportunity for WeaveGrid. They’re not alone however, as companies such as Gridspertise and GridX challenge for market share.

Gridspertise is a company that accelerates the digital transformation of electricity distribution networks worldwide to deliver a new era of sustainable and reliable smart grids. On the other hand, GridX is a company that provides real-time analysis and insights to optimize the implementation and marketing of modern rate plans for utilities and their customers.

WeaveGrid's competitive advantage lies in its ability to integrate data from multiple sources, including utilities, automakers, and drivers, to provide a comprehensive solution for grid integration challenges. This data-driven approach enables utilities to make informed decisions about grid upgrades and ensures a seamless transition to an EV dominated future. WeaveGrid's unique approach to data-driven insights and collaboration with utilities and automakers sets it apart from potential competitors.

Now What?

WeaveGrid has raised a total of $50.2 million in funding, with its latest Series B round raising $35 million in November 2022, led by Salesforce Ventures. The rest of that funding comes from Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective, as well as existing investors, Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group.

The company has nearly tripled in size since its Series A fundraise, launching new products and securing contracts with utilities serving thirteen states. With this momentum, WeaveGrid aims to scale its team and platform to support more enterprise customers and continue to innovate in the electric transportation space. Having made nearly 15 million in revenue thus far, they’re just getting started.

TLDR

WeaveGrid is an innovative startup with high growth potential, working to address the challenges of grid integration as the adoption of electric vehicles accelerates. By developing data-driven solutions and collaborating with utilities and automakers, WeaveGrid is playing a crucial role in the transition to a cleaner and more sustainable transportation system.

Keep an eye on this company as it continues to develop and disrupt the electric vehicle and energy industries, and let's hope they keep the current flowing in the right direction.