Volteras: Connecting to More EVs Than Anyone Else

The Potential of Electric Vehicles to Stabilize the U.S. Power Grid

Concerns regarding the potential strain that widespread adoption of electric vehicles (EVs) could place on the nation’s power grid have persisted for some time. However, as EV technology evolves and their numbers increase, a growing perspective suggests these vehicles could, in fact, become a vital asset in modernizing and supporting the United States’ aging electrical infrastructure.

EVs as a Distributed Energy Resource

Peter Wilson, co-founder and CEO of Volteras, articulated this vision to TechCrunch, stating that the electric vehicle will ultimately function as the central component of the entire energy grid.

The scale of this potential is significant. Last year, the U.S. added 37.1 gigawatt-hours of grid-scale energy storage capacity. If all currently registered EVs were equipped with chargers capable of bidirectional power flow, this storage capacity could be increased by almost tenfold.

Challenges and Solutions

Despite the promise, several obstacles remain. Currently, many newer EVs lack the necessary vehicle-to-grid (V2G) capabilities, although this is rapidly changing. Furthermore, the availability of affordable bidirectional charging technology is limited.

Volteras is actively addressing these challenges, focusing on the development of enabling software. The company recently secured $11.1 million in Series A funding, led by Union Square Ventures, with participation from Edenred, Exor, Long Journey Ventures, and Wex.

Volteras' Approach to V2G Integration

Volteras is creating a software platform that facilitates the utilization of EV batteries to support the power grid. When aggregated, these batteries can function as virtual power plants, providing utilities with readily available and geographically dispersed power resources.

Beyond battery control, Volteras’ platform also accesses other connected-car functionalities, including remote unlocking and vehicle telematics data.

The company integrates directly with automakers’ application programming interfaces (APIs), offering these features to other businesses. For example, utilities could compensate EV owners for supplying stored electricity back to the grid. Car rental companies could utilize remote unlocking features for customers experiencing vehicle issues.

Volteras generates revenue through monthly subscription fees charged to these companies per connected vehicle, sharing a portion of that revenue with the automakers.

Competition and Market Position

Several other companies, including Texture, EV.energy, and Greenely, are also developing solutions for integrating EV batteries into the grid. However, Wilson asserts that Volteras possesses a competitive advantage due to its existing collaborations with over 30 automakers, encompassing major brands like Ford, BMW, Tesla, Stellantis, and Volvo.

He projects that the company will cover approximately 90% of the global automotive market by the year’s end.

The Broader Potential of Connected Car Services

Automakers have expressed considerable interest in the revenue potential of connected car services, though progress has been uneven. General Motors, for instance, previously announced a goal of generating $25 billion in revenue from subscription services by 2030, but has not provided recent updates on this target.

Wilson remains optimistic about the opportunities presented by connected services, particularly those centered around the vehicle battery. Volteras is actively engaging with fleet managers, EV routing applications, and insurance providers interested in offering usage-based insurance plans.

“This unseen data layer will be fundamental to how companies deliver services, offer discounts, and ultimately reduce the overall cost of electric vehicle ownership,” Wilson concluded.