Evolectric, established in 2019 and headquartered in Long Beach, California, specializes in electrified mobility solutions aimed at advancing global e-mobility through rapid prototyping and standardized products. The company's mission is to reduce global carbon emissions and promote circular economy principles by converting existing commercial vehicles into fully electric, smart-enabled units.
Key Strategic Focus
Evolectric's primary objective is to accelerate fleet electrification by offering cost-effective and scalable solutions. Their CircularEV™ technology retrofits existing gas-powered fleets into 100% electric vehicles, enabling businesses to reduce operating costs and comply with environmental regulations. This approach not only extends the lifespan of commercial vehicles but also integrates advanced EV technology, making electrification accessible to a broader range of fleet owners.
Financials and Funding
As of January 2025, Evolectric has raised a total of $15 million in funding. The most recent funding round occurred on September 12, 2023, amounting to $15 million. This capital is intended to support the company's growth initiatives, including expanding their CircularEV™ solutions and enhancing their technological platforms.
Pipeline Development
Evolectric's flagship product, the CircularEV™ solution, is designed to convert existing commercial trucks into fully electric vehicles. This retrofit process is faster and more cost-efficient than manufacturing new EVs, costing 45% less than purchasing a new electric vehicle. The company is on track to deploy a process in 2025 that will enable them to reach a capacity of 100,000 vehicles per year through 1,000 service center installation partners.
Technological Platform and Innovation
Evolectric's CircularEV™ technology stands out due to its integration of circular economy principles with advanced EV technology. The company employs a decentralized installation model, utilizing certified service centers to perform high-quality installations and ongoing service near fleet operations. This approach enables rapid, cost-effective deployment while empowering local businesses to participate in the growing green economy.
Leadership Team
- Bill Beverley, Co-Founder & CTO: With over 15 years of experience in power distribution and vehicle electrification, Bill holds multiple patents in the electrified automotive sector. His previous roles include leadership positions at Indi-EV, Romeo Power, and Faraday Future.
- Jakson Alvarez, Co-Founder, Co-CEO & CFO: Jakson brings extensive experience in finance, accounting, operational and strategic planning, and entrepreneurship. His background includes leadership roles at 3M and Romeo Power, focusing on battery design, prototyping, commercialization, and production ramp-up.
Competitor Profile
Market Insights and Dynamics
The global market for electric vehicle retrofitting is expanding rapidly, driven by increasing environmental regulations and the need for cost-effective fleet electrification solutions. Evolectric's focus on converting existing commercial vehicles positions it uniquely within this growing sector.
Competitor Analysis
Evolectric faces competition from companies like Vammo, Orxa Energies, Silence Urban Ecomobility, and Bounce Infinity. These competitors offer various electric mobility solutions, including electric vehicle manufacturing and battery technologies. However, Evolectric's emphasis on retrofitting existing fleets provides a distinct advantage in terms of cost savings and sustainability.
Strategic Collaborations and Partnerships
In September 2024, Evolectric announced a strategic partnership with Geotab, a global leader in connected transportation solutions. This collaboration integrates Evolectric's CircularEV™ solutions with Geotab's AI-driven platform, providing fleet owners with comprehensive data analytics and actionable insights to optimize performance and sustainability.
Operational Insights
Evolectric's decentralized installation model, utilizing certified service centers, enables rapid and cost-effective deployment of their CircularEV™ solutions. This strategy not only accelerates fleet electrification but also empowers local businesses to participate in the green economy, enhancing the company's market position and competitive advantage.
Strategic Opportunities and Future Directions
Evolectric aims to scale its operations significantly by 2025, targeting a capacity of 100,000 vehicle conversions per year through 1,000 service center partners. The company's focus on extending vehicle lifespans, reducing emissions, and providing cost-effective electrification solutions positions it well to capitalize on the growing demand for sustainable fleet management.
Contact Information
- Website: evolectricnow.com
- LinkedIn: linkedin.com/company/evolectric
Evolectric's innovative approach to fleet electrification, combined with strategic partnerships and a focus on sustainability, positions the company as a leader in the transition to zero-emission transportation.
