Elocity Company Profile

Background

Elocity, founded in 2018 and headquartered in Toronto, Canada, is a technology company specializing in electric vehicle (EV) charging solutions. The company's mission is to positively impact the EV charging ecosystem by providing reliable and economical charging solutions for all stakeholders. Elocity's vision is to accelerate EV adoption through a connected EV world.

Key Strategic Focus

Elocity focuses on optimizing the EV charging ecosystem by offering advanced and innovative EV charging demand management technology called HIEV. This technology significantly reduces both the capital expenditure (CAPEX) and operational expenditure (OPEX) of EV charging infrastructure. HIEV is designed to provide electric utilities, businesses, and buildings with an open, interoperable, and smart EV charging future. The company's artificial intelligence predicts, forecasts, and manages EV charging demand to substantially improve electricity grid supply quality and reliability.

Financials and Funding

Elocity has multiple revenue streams, including:

Charging as a Service: Monthly fees per charge port.

Infrastructure as a Service: Based on per unit of electricity.

Leasing: Fixed monthly fees.

Typically, these deals are signed for seven years. In cases where customers prefer upfront payments, the pricing includes:

EVPlug (hardware component): One-time cost of CA$300 per unit plus CA$5 per month.

Tiered-package SaaS model: Monthly fees ranging from $5,000 to $50,000.

Elocity's modular design allows for competitive pricing, often four times less than competitors. The company also collaborates with channel partners to reduce sales costs.

Pipeline Development

Elocity has successfully implemented its HIEV technology with London Hydro, a leading electric utility in Canada, where it has been operational for nearly two years. The company has also partnered with other utilities, research institutions, and businesses, with projects in Canada, India, Europe, and Asia. Elocity has licensed HIEV technology SaaS for over 600 EV chargers in India, with plans for further expansion.

Technological Platform and Innovation

Elocity's proprietary HIEV technology offers an open, interoperable, and privacy-protected platform that connects all stakeholders in the EV charging ecosystem. Key features include:

HIEV-EVPlug: A low-cost smart plug equipped with local intelligence, revenue-grade metering, smart controls, and blockchain technology to enhance data security and anonymity for EV drivers.

Artificial Intelligence: Predicts, forecasts, and manages EV charging demand to improve grid reliability.

Modular Design: Allows for scalability and cost savings of over 80% compared to other technologies.

Leadership Team

Sanjeev Singh: Founder and CEO

Dinesh Chandra: Chief Technology Officer

Tony Stewart: Chief Experience Officer

Don Huff: Chair of Advisory Board

Lovejeet Jagpal: Head of Hardware & Firmware Engineering

Competitor Profile

Market Insights and Dynamics

The electric vehicle charger market was valued at $3.8 billion in 2019 and is projected to reach $25.5 billion by 2027, registering a compound annual growth rate (CAGR) of 26.8% from 2020 to 2027.

Competitor Analysis

Key competitors in the EV charging demand management sector include:

WeaveGrid: Develops software solutions to optimize EV charging.

ChargeLab: Provides EV charging management software.

Moev Inc.: Focuses on EV charging solutions.

SWTCH Energy: Offers EV charging and energy management solutions.

FleetCarma: Specializes in EV telematics and fleet management.

Strategic Collaborations and Partnerships

Elocity has engaged in several strategic collaborations to enhance its market position and innovation capacity:

London Hydro: Demonstrated and tested HIEV technology.

Celestica: Partnered for production, leveraging Celestica's global manufacturing capabilities.

Centennial College: Developed a test bed for product refinement and access to a state-of-the-art microgrid campus with over 40 EV chargers.

Operational Insights

Elocity's unique hardware and software solutions work with any EV charger, addressing interoperability challenges for electric utilities, buildings, and EV drivers. The company's HIEV technology offers: