The European Investment Bank (EIB) has agreed a financing agreement worth €15 million (£13.6m) for smart charging technology across Europe.
The loan will allow The Mobility House to push ahead with research and development for its intelligent Charging and Energy Management system ChargePilot, supporting the rollout of electric vehicles (EVs) in the country.
The bi-directional charging, known as vehicle-to-grid (V2G), enables EVs to be connected to the power grid to provide various grid-stabilising services.
The funding supports the Munich-based company’s activities in Germany, France, the Netherlands and other countries in Europe and promotes the expansion of renewables by allowing EVs to be used for energy storage in the power grid and making electric mobility cheaper.
Ambroise Fayolle, EIB Vice President in charge of innovation said: “Whilst e-mobility alone will not stop climate change, it is a powerful tool to help us limit the rise in global temperatures to sustainable levels.
“The Mobility House has devised a technology with significant potential to make electric mobility more attractive and expand the use of renewable energies. As Europe’s climate bank, the EIB aims to support breakthrough ideas in the field and we are glad to support a company with a zero-emission vision and the right tools at hand to turn it into reality.”