ElectricFish: Deploying EV Fast Chargers Up To 2 Years Faster

ElectricFish, a seed-stage energy infrastructure startup based in Fremont, California, is leading the way in advancing the global transition toward Electric Vehicles (EV). By developing battery-integrated EV charging infrastructure that supports rather than stresses our aging power grid, ElectricFish is addressing a critical bottleneck in the EV market. The company's patented solutions, which include high-powered DC fast charging, bi-directional energy capabilities, and a unique location-based intelligence tool, have the potential to serve a significant part of the sector. At the same time, they are addressing key challenges such as grid reliability, the high cost of installation, and the long timelines associated with the deployment of charging infrastructure. With a projected market size of $55 billion by 2030, ElectricFish is poised to make a significant impact in the EV charging infrastructure space that is focused on resilience.

Key Insights and Opportunities:

1. Resilient EV Charging Market: Projected to be worth $55 billion by 2030, the resiliency-focused EV charging market offers a significant opportunity for growth and impact.

2. Super-Charging Technology: ElectricFish's innovative super-charging technology delivers up to 24 hours of backup power, enables rapid deployment in about two weeks, and significantly reduces installation costs and timelines.

3. Successful Pilot Programs: The startup is actively working on commercial deployments with reputable entities such as LADWP, Kia America, IBEW in Detroit, and the National Park Service, demonstrating the demand for these types of solutions — especially from commercial and municipal sites with public access (Commercial Public Sites).

4. Experienced Team: With a well-rounded team of experts in engineering and business operations, ElectricFish is poised to scale and navigate the complex and ever-evolving regulatory space in the EV charging infrastructure sector.

• Anurag Kamal, CEO: Michigan Tech Masters and Stanford GSB Ignite alum, , Worked at BMW as a software engineer and at Oak Ridge as part of the Computational and Energy Sciences division.

• Vince Wong MBA, COO: Cornell Tech MBA, led GTM for Mastercard as a product manager in their AI division and second-time founder.

• Nelio Batista, Chief Systems Architect: NASA engineer that worked on designing rocket and rover components.

• Fola Ayoola, Lead Scientist: Stanford-trained energy resources engineering

5. Strategic Customer Base: By targeting Commercial Public Sites alongside channel distribution partners, ElectricFish is positioning itself for long-term market defensibility by embedding its software-enabled hardware strategically across a utility’s service territory.

Solution and Value Proposition

ElectricFish's solution involves a patented technology that combines 350 kWh battery storage with a 350 kW DC Fast Charging system in a containerized form factor. The charging unit directly integrates with existing electrical infrastructure, thereby saving time and reducing installation costs. The startup also leverages a unique location-based intelligence tool called Community Resilience Score (CoReScoreTM) they internally developed, which helps the company plan its deployment strategy for maximum resilience, profit, and equitable impact. With the support of favorable policies and a strong market need, ElectricFish is poised to capture a significant share of the rapidly growing resilient EV charging market.

Technology and Use Cases

ElectricFish's 350squared solution integrates 350 kWh battery storage with DC Fast Charging (up to 350 kW) in a containerized format, facilitating the rapid addition of high capacity for site hosts. Its innovative power electronics methodology directly integrates with existing electrical infrastructures, enabling a swift, cost-effective transition from years to weeks in setting up the system. Moreover, this eliminates expensive and time-consuming trenching and grid transformer upgrades. The sophisticated software optimization and DER technology employed in the system enables the management of energy use, thereby supporting local grid resilience with bi-directional power flowing back to the site and grid and stacking value streams.

The startup’s patented location-based intelligence tool, Community Resilience Score (CoReScoreTM), aids ElectricFish in planning its deployment siting to maximize resilience, profit, and equitable impact. The system’s beachhead use cases span across Commercial Public Sites, such as OEM auto dealers, community centers, and municipal and federal sites, aiming to expedite interconnection with minimal grid infrastructure and maximize resilience for local business and fleet operations. In the future, ElectricFish also plans to offer its technology through a flexible monthly lease (whereby ElectricFish owns the infrastructure and customers lease ElectricFish 350squared systems with the option to convert to a purchase after 1-2 years).

Traction and Market Impact

The company's unique approach to tackling the current bottlenecks in the EV charging infrastructure has already yielded traction. The company’s first technical pilot in early 2022 completed with LADWP, in which high-powered DC Fast Charging was deployed at a highly grid-constrained location in just two weeks instead of the usual two years, showcases the rapid deployment capabilities of ElectricFish's solution.

The success of this initial pilot has garnered the company traction with other commercial partners. The company completed its second commercial deployment in April 2023 with IBEW Local 58, DTE, and Michigan’s Office of Future Mobility & Electrification with successful results in deploying rapidly, delivering seamless, renewable-powered DC Fast charging sessions (tapping into on-site solar generation from the local AC grid) as well as delivering backup power to the local distribution grid feeder to support community resilience. Other major commercial partners include the National Park Service and Kia America, where the company will be rolling its technology in Summer and Fall 2023, respectively. The startup has strategically partnered with channel partners such as IBEW, a segment with significant influence with local governments and permitting authorities, thus de-risking its go-to-market strategy. The company has a robust pipeline of $16.6M in projects anticipated by Q4 2024 from Commercial Public Sites, and is continuing to receive great momentum from federal and state funding programs. This is further fortified by the company’s strong patent portfolio and memberships with leading climate-focused ecosystems and programs.

In terms of funding, ElectricFish has secured over $3.1M in dilutive capital and non-dilutive funding, including a $1.7M manufacturing grant approved by the California Energy Commission in May 2023 which will accelerate the company’s path to commercialization and de-risk its manufacturing and supply chain ramp-up. This funding is complemented by a term sheet for a debt financing facility of up to $24M, validating the company’s bankability and positioning it with the financial resources required for rapid scaling.

The carbon impact of ElectricFish's solution is profound, with the potential for a cumulative reduction of 4.62 Gigatons of CO2 by 2050, aligning with the goals established in the 2015 Paris Agreement.

Conclusion

ElectricFish is a promising startup with a clear vision, a viable solution, and a capable team. The ElectricFish team, equipped with diverse expertise from world-class organizations, is well-positioned to drive the adoption of their EV charging products. The company's innovative technology, strategic partnerships, and focus on an emerging market segment make them exciting to follow.

With the ever-increasing emphasis on EV adoption and grid resilience and favorable policy and regulatory trends, the future looks promising for ElectricFish.

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