Over the course of 2020, EV tech companies raised nearly $13Billion in funding across 193 deals. Most of this was to OEMs – around $8Billion – as investors continued to reward the passenger and logistics/commercial vehicle makers.
The pandemic reshaped how people live and move, having a big impact on transportation as people chose personal vehicles over shared, and e-commerce and the related deliveries business soared. The pandemic also drove a focus on climate change along with the change in administration in the US. EVs became top of mind in the broader push to address climate change. Regulatory shifts across Europe and China continued to assist the push for EV adoption – plus falling battery costs have helped shift consumers towards them as a viable option. Governments globally, with the pandemic as a backdrop, are now prioritising EV adoption and the technology advancements driving the improvements in these vehicles capabilities.
One of the major headwinds for consumer take-up. FreeWire Technologies is developing infrastructure- light fast-chargers that minimize stress on the local grid. They have recently raised $50m. WiTricity has commercialized a technology that transfers electric energy or power without wires.
Investment has flooded in across the various technologies
– one of the consumers take up barriers – to find the best solution to
the challenge. New entrants, such as ProLogium Technology manufactures
solid-state lithium ceramic battery (LCB) products, which are
ultra-thin, high energy density, and ultra-safe, and have now secured an
additional $100m in their quest to challenge Lithium-Ion tech.
Sometimes called an ultracapacitor, a supercapacitor – like a battery – is a means to store and release electricity. But rather than storing energy in the form of chemicals, supercapacitors store electricity in a static state, making them better at rapidly charging and discharging energy and many claims are the future for EV power. Skeleton Technologies is a manufacturer and developer of high energy and power density ultracapacitors leading the market investment category.
Another consumer concern about EVs, and particularly from a supply chain perspective. Amazon-backed Redwood Materials is developing a recycling process for used batteries that allows them to be reused for new battery cells.
In February, the company announced a recycling deal with
Envision AESC, the battery manufacturer for the Nissan LEAF. Spiers New
Technologies (SNT) is a full-service provider of "4R" services (repair,
remanufacturing, refurbishing, and repurposing) for advanced battery packs used in hybrid and electric vehicles. SNT's 4R services allow vehicle OEMs to optimize the life cycle management of their battery pack inventory and maximize value.