Electricity today The grid works because utilities have a time-tested playbook. You may not know exactly when you do your laundry, but you know that washers and dryers generally run more in the evenings or on weekends. Air conditioners turn on more lights when the temperature rises and in the winter months.
But that playbook is going to go out the window in the coming years. Renewables will transform the grid, but EVs present the real challenge. Utilities may know how many solar panels and wind turbines are connected, but how many EVs are charging each night? They may have a good idea.
That’s where WeaveGrid comes in. The company’s enterprise SaaS serves as a platform for integrating data from utilities, automakers and drivers to help utilities manage the load EVs place on the grid. This information will become even more important in the next decade, when it is predicted that half of the 280 million vehicle fleets will be electrified.
WeaveGrid not only wants to help utilities plan for new generation capacity, it also wants to help identify areas where they can most efficiently upgrade their distribution infrastructure, which requires significant renovations. The average age of grid electricity transformers is, for example, 25 years.
“If 280 million vehicles start charging at the same time of night, it will put a lot of pressure on aging infrastructure that is not ready to handle these massive batteries,” said Apoorve, CEO of WaveGrid. Bhargava.
To help coordinate millions of vehicles — and ensure they’re available when drivers need them — WeaveGrid’s platform pulls data from utilities, automakers and even smart EV chargers to show when and where the grid needs the most power.
The company is announcing a $35 million Series B round led by Salesforce Ventures, with new investors Activate Capital, Emerson Collective, Collaborative Fund and MCJ Collective. Existing investors Coatue, Breakthrough Energy Ventures, Grok Ventures and The Westly Group also invested in the round. This is Salesforce Ventures’ first time leading a climate technology investment.
