Verizon Ventures Invests in Fermata Energy
Originally published on Verizon Ventures blog.
Verizon Ventures Invests in Fermata Energy to Support Scaling of Vehicle-to-Everything (V2X) Technology
We recently announced a strategic investment in Fermata Energy, a leader in vehicle-to-everything (V2X) systems. We're thrilled to support a company helping to speed the adoption of electric vehicles (EVs). Verizon Ventures joins Fermata Energy’s $40 million Series A round, led by the Carlyle Group. Other new and existing investors include ClearSky, Skyview Ventures, I Squared Capital, and Waterland Private Equity.
Fermata Energy was founded in 2010 to accelerate adoption of EVs and to help enable faster integration of renewable energy to the electricity grid. Using V2X technologies to connect energy stored in EVs to the power grid will be critical for the grid's transition to renewable energy. The company’s V2X software technology aims to transform electric vehicles into energy-storage assets, making EV ownership more cost effective. This technology can help enable a centralized power infrastructure to load balance, transport and store renewable energy through the EV, mobile device and IoT markets, as well as provide customer reliability.
The company’s offerings include bidirectional chargers, a cloud-based management software platform, and a system architecture for harvesting renewable energy and storing it in EVs. This technology can help pave the way for V2X microgrids for EVs, which may be implemented and expanded commercially to meet time-sensitive climate targets.