Evenergi: Addressing the Complexity of Fleet Electrification

Evenergi, a Series-A stage startup based in Michigan, is building software to enable a seamless transition for organizations toward zero-emissions fleets across the globe. Using its SaaS platform, Evenergi empowers organizations to plan, implement, and manage optimized zero-emissions transportation fleets and energy infrastructure efficiently. Its platform integrates proprietary IP, unique multi-physics algorithms, and machine learning to deliver best-in-class solutions for large and complex fleets. Evenergi has shown early traction, boasting $2.8M in 2022 revenue, over 120 customers, and $5M in total investments.

Key Insights and Opportunities:

1. Strong Revenue & Early Traction: Evenergi’s customers range from corporate giants like DHL and Woolworths, signaling early market acceptance. The startup is seeing an Average Contract Value (ACV) of $60K and they expect key accounts to grow by 10X over the next three years.

2. Scalable Solution: Evenergi's software is designed to make fleet management of EVs seamless, focusing on maintenance, dispatch, and asset management. It's built for municipal, utility, and logistics fleets, showcasing the broad applicability of its platform.

3. Expansion Enterprise Down: Currently focused on large fleets, Evenergi aims to move into the mid-size fleet market, expanding its target customer base and enhancing its revenue potential.

4. Industry-Leading Team: With management having decades of experience in the energy, transport, and automotive industries, the team is uniquely equipped to deliver its solution. The team includes industry thought leaders and former executives from organizations such as Siemens and Tesla.

   • Daniel Hilson, CEO/Founder: Led some of the largest fleet transitions globally. Built a distributed energy retail business from $0 to $50mm in revenue in 3 years.

   • Nick Butlin, CTO/Founder: Former CTO/COO of one of Europe's most successful demand response platforms. Built a new generation energy retailer. Architected advanced charging platforms with Shell, Tesla, and National Grid.

   • Max Zaporoshenko, Global Head of Customer Success: commissioned power stations and multi-million dollar energy efficiency projects for Siemens, Led the largest fleet transition globally - 8000 buses and 56 depots.

   • Sasha Pejcic, General Manager North America: 20 years of leadership in bus electrification/transit planning. Global lead for transit at Stantec.

   • Steve Lewis, General Manager Asia Pacific: 20 years leading some of the largest zero-emission tech projects in the southern hemisphere. built one of Australia's largest commercial solar businesses as a general manager.

Solution and Value Proposition:

Evenergi is tackling the complexities of transitioning large-scale fleets to net-zero emissions. They simplify the transition to zero-emissions fleets by providing tools for fleet managers to plan, optimize, and manage their fleets efficiently. The software saves users significant costs, upwards of $20K in CAPEX per vehicle, and yearly savings in energy ($1,500 – $5,000), battery management ($1,000 – $3,000), and procurement (>$2,000).

They achieve these savings with their software, BetterFleet and GridFleet, coupled with charge management and fleet dispatch systems, which simplify and optimize the transition to zero-emission fleets. Under the hood is their “digital twinning technology” that emulates real-world conditions using detailed data and multi-physics models. The platform's core proposition lies in its ability to simplify, optimize, and manage the transition to zero-emissions fleets, addressing a crucial market need in the age of climate consciousness. This value proposition extends to its potential financial savings for its customers.

Technology and Use Cases:

Evenergi has developed a digital twinning innovation that uses detailed real-world data and multi-physics models to emulate real-world conditions. Evenergi's technology leverages data lakes, serverless architectures, and machine learning algorithms to optimize its physics models. This sophisticated solution has diverse applications, from transit and school bus operators, government non-revenue fleets, and logistics to financiers, vehicle manufacturers, and consultants to complex fleets.

In terms of integrations, Evenergi's platform integrates seamlessly with existing systems of transit buses, bus operators, government non-revenue fleets, logistics providers, financiers, vehicle manufacturers, and consultants to complex fleets. This wide array of use cases highlights the versatility of Evenergi's solution, proving its value across various sectors and applications.

Additionally, their models are applicable to fleets that may be autonomously operated in the future

Traction and Market Impact:

Evenergi's impressive traction in the market is a testament to its value proposition and technological capabilities. The startup has gained over $2.8M in revenue in the 2022 calendar year and has amassed a customer base of over 120 clients. The success of their sales strategy is clear, winning 50% of their proposals.

Furthermore, Evenergi's $3.1 million sales pipeline for 2023 points to strong future growth. This demonstrates the startup’s effectiveness in capturing new opportunities and the immense confidence existing and prospective clients have in their offerings.

Conclusion:

As governments and corporates set their sights on transitioning to net-zero emission vehicles due to policy changes, Evenergi is uniquely positioned to facilitate this complex shift. Backed by a seasoned team, impressive market traction, and a solution that delivers substantial operational and environmental value, Evenergi stands at the forefront of the zero-emission vehicle movement. With a market potential of over 4.2 million complex fleets – 60% of which are in their target geographies – Evenergi's future seems extremely promising.

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