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Monday, May 16, 2022

Electric Miles exceeds target and secures £800k investment in over-subscribed seed funding round

Electric Miles, an intelligent ‘Internet of Energy’ platform, provides electric vehicle drivers with a smart charging service, enabling them to charge their vehicles with cheaper and greener energy whilst also providing a demand flexibility service to the grid.

Electric Miles is very excited to have Vipul Amin onboard with his extensive experience in the energy technology innovation space as a founding member of uSwitch, owner of a leading energy technology business MyUtilityGenius and co-owner of Kelkoo Group that operates across Europe. With his investment of £250k, Electric Miles, has now exceeded its target and has over subscribed to raise nearly £800k of seed funding. Other lead parties in the initial round are Low Carbon Innovation Fund and Blue Lake, along with international angel investors.

Vip Amin said “Energy costs have been escalating in recent months and using the Electric Miles innovative smart charging solution is one way by which electric vehicle drivers are able to save up to 40% off their electricity costs.”

Francis Wright from Low Carbon Innovation Fund said “9 million electric vehicles are set to hit the UK roads within 8 years that will drive a 30% rise in the peak power the local grid needs. If not solved this will lead to an electricity crisis. I’ve got no doubt that Electric Miles will play a part in the UK reaching net zero.” And David Gilgur from Blue Lake commented “Electric Miles has assembled a phenomenal team with great depth of expertise in energy, technology and venture building. Electric Miles is well positioned to help scale EV charging to be accessible to all.”

Electric Miles is an innovative player in the electric vehicle industry, winning a product competition in 2021, and following a string of recent business partnerships announced including Project EV, Pozitive Energy as well as with distribution system operators such as UK Power Networks and Western Power Distribution. Electric Miles was also recently selected to be a part of the London & Partners Business Growth Programme supported by the Mayor of London.

The Electric Miles app helps electric vehicle drivers save money and reduce their carbon footprint with an intelligent and reliable way to charge their vehicles. Drivers simply set their ‘car ready time’ and Electric Miles ensures that the vehicle is charged with the cheapest and greenest energy available. Electric Miles is working with charger manufacturers and resellers to add value to their propositions as their software partner as well as with charger installers to make installation and commissioning easier.

Arun Anand, founder and CEO of Electric Miles, commented “We’ll use this new investment to build the team to drive product capability, platform expansion and innovation in our grid demand flexibility service. Our patent pending solution will cover the entire spectrum of EV smart charging right from installation using Installer Miles1 for easy commissioning, to Admin Miles2 for support and remote diagnostic, to Electric Miles3 for an intelligent driver’s app and finally to Flexibility Miles4 for EV charging to take part in grid flexibility to manage the peak demand. We are committed to work towards UK Net Zero ambition.”

The company plan to scale their user base to 100,000 in the next 24 months as well as double the size of the team (see vacancies on website) which will position themselves for expansion to US and Europe in 2023. Electric Miles total investment now stands at £1m with plans to raise a further round of financing in 2023.

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