Fermata Energy, a provider of vehicle-to-grid (V2G) technology, has secured a $2.5-million strategic investment from TEPCO Ventures, the investment arm of Tokyo Electric Power.
Fermata’s bi-directional chargers enable EV 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 is designed to generate income from grid services for EV owners.
“Fermata is eager to globalize our bi-directional V2G technology, and TEPCO Ventures is a great partner because they are a major global utility, they understand the value proposition of integrating EV batteries with the power grid, and they understand the storage and demand challenges facing the grid,” said Fermata Energy founder and CEO David Slutzky.
“TEPCO Ventures aims to drive the transformation of Japan’s energy industry through investing in start-ups with innovative solutions,” said TEPCO Ventures President Shinji Akatsuka. “As a pioneer of the 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.”
Nissan North America recently announced that it will pilot Fermata Energy’s technology at its headquarters in Franklin, Tennessee and its design center in San Diego.
Source: Fermata Energy