Volvo Group Venture Capital, the investment arm of Volvo, has made investment in Israel based startup Driivz, a company that makes software for managing EV charging networks.
The Driivz platform is used by companies to handle the logistics of charging many electric vehicles. Their clients include public third-party charging networks and fleet operators. It also provides an app for drivers to use for self-service.
Some of the features of the platform includes the billing side of the public charging business. It handled the billing transactions of more than 600,000 drivers last year.
Volvo is looking to be involved in providing a state-of-the-art charging experience for electric vehicles. Many of their clients have growing e-mobility needs and Volvo wants to be there for them. The total amount being invested is not being made public at this time but it is expected to go towards driving transformation by facilitating the creation of new services and solutions in the EV charging space.
Driivz has previously partnered with EVgo, which controls the largest public charging network in the US.
Commenting on the relationship with Driivz, EVgo COO, Ivo Steklac says “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.”
Driivz software is also used by MOL Group, an oil and gas company based in Hungary to manage its charging network.
On its choice to go with Driivz, Volvo group explains; “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 customized 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.”
Volvo intends to make even more investments that will focus on logistic services, site solutions and electrical infrastructure surround EV public charging.