The European Investment Bank (EIB) and The Mobility House have signed a €15 million financing agreement to promote the integration of electric vehicles into the energy markets.
The loan is supported by the European Commission under InnovFin Energy, which is funded under the EU’s current research and innovation programme Horizon 2020.
The loan will allow the Munich-based technology company to push ahead with the R&D for its intelligent charging and energy management system ChargePilot.
The technology is expected to support the rollout of electric vehicles (EVs) along with their cost-effective and optimised integration into the power grid in Europe.
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The Mobility House will be able to strengthen its position in the international market and make a decisive contribution to a future of sustainable energy.
The funding supports activities in Germany, France, the Netherlands and other countries in Europe and promotes the expansion of renewables by allowing electric vehicles to be used for energy storage in the power grid and by making electric mobility cheaper.
Bidirectional charging, also known as vehicle-to-grid (V2G), can help drive the energy transition and pave the way for faster market penetration of both renewable energies and electric vehicles.
Since cars spend a large part of their lives in the parking position, V2G creates significant added value by intelligently connecting electric cars to the power grid to provide various grid-stabilising services.
While meeting all energy and data security requirements, The Mobility House’s ChargePilot offers a solution that enables smart charging and discharging of electric vehicles according to the grid’s needs. Currently, this is the only technology in the market that is non-proprietary and based on open standards to assure maximum scalability.
Ambroise Fayolle, EIB vice president in charge of innovation, said: “Whilst e-mobility alone will not stop climate change, it is a powerful tool to help us limit the rise in global temperatures to sustainable levels.
“The Mobility House has devised a technology with significant potential to make electric mobility more attractive and expand the use of renewable energies. As Europe’s climate bank, the EIB aims to support breakthrough ideas in the field, and we are glad to support a company with a zero-emission vision and the right tools at hand to turn it into reality.”
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “By 2050, electric vehicles could provide up to 20% of the flexibility required on a daily basis. This seems substantial, but technologies such as the one we are supporting today with Horizon 2020 prove that this ambition is attainable. All scenarios point to tremendous growth in electric vehicles so we need to seize this opportunity to the fullest and bring about the much-needed energy transition.”