Our Investment in WeaveGrid
The ecosystem enabler for an electric mobility future
It is estimated that by 2030, EVs will account for nearly 30% of U.S. passenger vehicle sales. This means more than 18 million additional vehicles will be in need of a proper charging infrastructure. While the accelerating electric revolution is promising for the future of ground transportation in the U.S., optimizing the grid to handle the growing number of EVs is of utmost importance. Since the grid was designed before software and EV chargers, tensions could arise as a growing number of EVs drive on our roads. Utility companies serve to benefit from a coordinated approach to charging electric vehicles, one that does not require a total rehaul of upgrades. At the same time, drivers themselves can also expect an elevated shift, with OEMs facilitating smart charging and creating a simple and rewarding experience.
At MCJ, we are no stranger to companies addressing clean mobility and transportation. We’ve supported founders who are dedicated to electrifying shipping, public transportation, and two and three-wheeled EVs, both in the U.S. and emerging markets. Building on this, we’re excited to add WeaveGrid to our portfolio and back the company’s co-founders, Apoorv Bhargava and John Taggart as they continue to scale the future of electric mobility.
What is WeaveGrid?
WeaveGrid connects utilities, OEMs, and EV drivers in the collective journey to electrify transportation and enable rapid decarbonization. By using machine learning, optimization, and predictive analytics, the WeaveGrid software solution solves several EV-grid integration challenges for utilities in a systems-oriented manner. Their platform ensures that the grid can accommodate EVs safely and affordably by supporting system planning efforts and providing managed charging. It also helps integrate renewable energy resources on the grid, saving utility customers money on their bills. WeaveGrid also benefits automakers, charging providers, and EV drivers themselves. The company leverages driver engagement tools in its data-driven platform to increase EV sales and help drivers navigate utilities, charging programs, and rates for a seamless experience.
Why Did We Invest?
Compelling Founder-Market Fit
WeaveGrid’s CEO and co-founder, Apoorv Bhargava, has considerable experience in SaaS platforms, financing, and clean energy companies. He has been passionate about climate and energy throughout his career, having previously worked at Opower and The Boston Consulting Group, and has also spent time at NRG Energy, Joby Aviation and The Capricorn Investment Group. Apoorv holds an MBA from the Stanford Graduate School of Business as well as a Masters of Science degree in Energy & Resources from Stanford University. He graduated from Rice University with a B.S. in Chemical and Biomolecular Engineering and a B.A. in Economics. Apoorv was also featured in the GreenBiz and Forbes 30 Under 30 lists.
John Taggart, WeaveGrid’s CTO and co-founder, formerly worked in Tesla’s Sustainability department and prior to that spent time at Nissan Futures Lab. John also held a research assistant position at the Science and Technology Policy Institute, where he contributed to a wide range of projects including evaluating models of energy and greenhouse gas savings from smart grid implementation, and analyzing policy options for energy innovation and advanced manufacturing. John holds a Ph.D. in Management Science and Engineering from Stanford.
Accelerating EV Adoption & Management
Transportation electrification is in full swing, especially amid gasoline inflation and ICE inventory shortages. New state and federal policy, including the Inflation Reduction Act is also accelerating electric mobility and transportation. To meet the demand, WeaveGrid’s solution allows for successful integration with the grid. Not only is grid integration essential for reliable and resilient electricity, but it also reduces emissions and systems costs to enable a faster and seamless charging experience.
With the fast-moving transition to EVs presenting many challenges to America’s existing grid infrastructure, we see Weavegrid as a critical piece ensuring the successful widespread adoption of EVs.
Additional Resources
View the entire MCJ portfolio here.