Volvo Group VC invests in EV charging software company

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Volvo Group Venture Capital AB has invested in Driivz Ltd., a global EV charging software company which has developed a platform for managing large charging networks for electric vehicles from end-to-end.

The Driivz platform works as an operating system for electric vehicle charging networks and is used by the operators of charging points, EV fleets and other leading players in the ecosystem.

Scalable and modular, the platform makes it highly flexible and allows it to be customised to meet customers’ needs.

Clientele of the company involves increasing number of customers in the utility, oil and gas, and automotive industries and among charging network operators.

Erik Johansson, Investment Director, Volvo Group Venture Capital, said, “There is a significant and growing interest in electric vehicles and machines among Volvo Group customers, which is speeding up the transition to more sustainable transport.”

He added: “The collaboration with Driivz will play an important role in the Group’s efforts to help customers to electrify their transport solutions. We are impressed by the company and we believe the Volvo Group can add considerable value to the development of the business in the future.”

A joint pilot project between Volvo Trucks, the Volvo Group and Driivz is ongoing with the target of developing and testing new and innovative charging services to meet the specific needs of electric truck customers and drivers.

Marcus Anemo, Senior Innovation Manager at Volvo Group Connected Solutions, said, “The Group ambition is to offer state-of-the-art truck charging services for a seamless charging experience. Working with Driivz enables us to begin putting our ambition into effect.”

Electrification of truck fleets

According to Doron Frenkel, CEO of Driivz, “We are proud to be working with the Volvo Group, which is playing a leading role in the electrification of truck fleets.”

Frenkel added: “The investment reinforces our belief in our business model and will be used for geographic expansion and continuous product innovation.”

Volvo Group Venture Capital’s role is to make investments that drive transformation by facilitating the creation of new services and solutions and to support collaborations between start-ups and the Volvo Group.

The crucial areas of investment for Volvo Group Venture Capital are currently logistics services, site solutions and electrical infrastructure. The organisation currently focuses on Europe and North America.

(With inputs from Automotive Lead Research Team)

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Also read: Electric mission: Volvo cars to become fully EV company by 2030