Fermata Energy Announces $2.5M Investment from TEPCO Ventures
The investment will support the commercialization of Fermata Energy’s vehicle-to-grid technologies in the US and in Japan.
Fermata Energy Announces $2.5M Strategic Investment from TEPCO Ventures
CHARLOTTESVILLE, Va. — January 14, 2019 — Fermata Energy, the world's leading vehicle-to-grid (V2G) company announces a $2.5M strategic investment from TEPCO Ventures, the investment arm of Tokyo Electric Power Company Holdings, Inc.
Supporting clean, renewable energy
- Contributing to a secure and reliable grid
- Reducing dependence on oil
- Realizing cost savings and return on investment
TEPCO Venture’s mission is to co-create the future of utilities. It invests in technologies that incentivize increased electric vehicle adoption, further utility decentralization, reduce the cost of energy storage, improve the digital grid, and other leading-edge technologies.
Fermata Energy Founder and CEO David Slutzky explains, “Fermata is eager to globalize our bi-directional vehicle-to-grid technology and TEPCO Ventures is a great partner because they are a major global utility, they understand the value proposition of integrating EV energy storage batteries with the power grid, and they understand the storage and demand challenges facing the grid.”
President of TEPCO Ventures, Shinji Akatsuka says, “TEPCO Ventures aims to drive the transformation of Japan’s energy industry through investing in start-ups with innovative solutions. As a pioneer of Vehicle-to-Building (V2B) space, Fermata Energy becomes our strategic partner that enables electric vehicles to be used as batteries addressing Japan’s utility’s grid challenges.”
Affordable energy storage is one of the key challenges to widespread renewable energy adoption, and cost is one of the biggest roadblocks to widespread EV adoption. Fermata Energy addresses both with an elegant bi-directional charger that can send power back to the building or grid in addition to receiving it. TEPCO Ventures is eager to support this disruptive, cutting-edge technology.
TEPCO Ventures recently invested in Hawaii renewable energy company Adon group, which creates power purchase agreements (PPAs) involving advanced solar systems equipped with battery storage, and Battery Utility of Ohio, LLC (BUO), which provides ancillary services to PJM’s frequency regulation market through developing, engineering, constructing, owning, and operating an energy storage project.
TEPCO Ventures’ investment in Fermata Energy comes on the heels of a recent announcement from Nissan North America that it will pilot Fermata Energy’s technology at Nissan’s North American headquarters in Franklin, Tenn., and its design center in San Diego, Calif.
ABOUT FERMATA ENERGY
Fermata Energy’s proprietary vehicle-to-everything (V2X) software and bidirectional hardware technology turns EVs into energy-storage assets, and makes it possible for EVs to combat climate change, increase energy resilience, and reduce energy costs. For more information, visit www.fermataenergy.com, and follow us on Twitter (@FermataEnergy), LinkedIn, and Facebook.
ABOUT TEPCO VENTURES
TEPCO Ventures is a Tokyo-based wholly owned subsidiary of Tokyo Electric Power Company Holdings, Inc., Japan’s largest electrical utility. TEPCO Ventures develops both wholly owned subsidiaries within the TEPCO Group and joint-venture companies with partners in various industries either in Japan or overseas. The company is exploring various fields for next-generation business by fusing platforms for energy and other industries.