Fermata Energy, a vehicle-to-grid (V2G) company, announced a $2.5 million strategic investment from TEPCO Ventures, the investment arm of Tokyo Electric Power Company Holdings, Inc.
Fermata Energy’s bi-directional chargers enable electric vehicle batteries to provide energy storage to the power grid — reducing power loads during peak times and consequently reducing electricity costs. Fermata Energy’s proprietary software system generates income from these services that will help make EVs more cost-effective than gas vehicles, while supporting clean, renewable energy; contributing to a secure and reliable grid; reducing dependence on oil; and realizing cost savings and return on investment.
TEPCO Venture’s mission is to co-create the future of utilities. It invests in technologies that incentivize increased electric vehicle adoption, further utility decentralization, reduce the cost of energy storage, improve the digital grid, and other leading-edge technologies.
Fermata Energy Founder and CEO David Slutzky explained, “Fermata is eager to globalize our bi-directional vehicle-to-grid technology and TEPCO Ventures is a great partner because they are a major global utility, they understand the value proposition of integrating EV energy storage batteries with the power grid, and they understand the storage and demand challenges facing the grid.”
President of TEPCO Ventures Shinji Akatsuka said, “TEPCO Ventures aims to drive the transformation of Japan’s energy industry through investing in start-ups with innovative solutions. As a pioneer of Vehicle-to-Building (V2B) space, Fermata Energy becomes our strategic partner that enables electric vehicles to be used as batteries addressing Japan’s utility’s grid challenges.”
Affordable energy storage is one of the key challenges to widespread renewable energy adoption, and cost is one of the biggest roadblocks to widespread EV adoption. Fermata Energy addresses both with a bi-directional charger that can send power back to the building or grid in addition to receiving it. TEPCO Ventures is eager to support this technology.
TEPCO Ventures’ investment in Fermata Energy comes on the heels of a recent announcement from Nissan North America that it will pilot Fermata Energy’s technology at Nissan’s North American headquarters in Franklin, Tenn., and its design center in San Diego, Calif.