Veloce Energy announced today that it has completed its first round of Series A venture capital funding from two companies committed to supporting the growth of its disruptive technology. ITOCHU, a $100 billion Japanese conglomerate, and Ecliptic Capital, a Texas-based venture firm, are investing in Veloce to advance the company’s cutting-edge technology and build out its product roadmap.
The announcement comes as developers and service providers work to secure grant funding and tax credits from a variety of sources, including the National Electric Vehicle Infrastructure (NEVI), the Inflation Reduction Act, and numerous state programs.
Veloce’s future-proofed FastGrid can be installed behind the meter with minimal digging and disruption, and without the need for major utility upgrades. Veloce’s manufacturing strategy was based on the technical, domestic content, and system sizing requirements established by the various funding programs, allowing the company’s products to qualify for a variety of incentives.
ITOCHU understands the ever-changing energy landscape, the ongoing need for grid stability, and the rapid growth of vehicle electrification. Masashi believes Veloce is effective in addressing these issues. Mike Nishio, Manager of ITOCHU’s Energy Storage Solution Business Section.
We recognize that these needs are the foundation upon which Veloce Energy was founded, and we look forward to putting our investment to work to fund the implementation of these solutions. In addition, we will directly contribute to the commercialization of this product suite through our own projects in the United States, Japan, and other parts of the world.
Veloce Energy developed the FastGrid hardware and software infrastructure platform, which reduces the time and cost of deploying and operating EV charging stations, commercial and solar storage, and other infrastructure. Veloce technology, based in California and Colorado, simplifies grid connection, design, installation, expansion, and operation of grid edge systems.
Leading fire-safe, modular, and compact bi-directional energy storage systems, modular installation systems, and integration and operation software are all part of the FastGrid. Veloce’s interoperable charging station infrastructure is built on open standards, allowing EV station operators, fleets, site hosts, and utilities to manage EV charging and other loads dynamically, enhancing existing grid resources.