AES and Mitsubishi Corporation invest in Motor to provide consumer EV adoption services to electric utility companies
ARLINGTON, Va., Feb. 7, 2023 /PRNewswire/ -- Motor, which provides a consumer electric vehicle (EV) adoption platform for electric utilities, announced today that it closed a $7 million Series A investment round co-led by The AES Corporation (NYSE: AES) and Mitsubishi Corporation (TYO: 8058).
The automotive industry has a goal of quickly growing EV sales to 50% of U.S. car sales by 2030. However, a fragmented automotive retail experience is putting the achievement of this important target at risk by keeping potential EV drivers from entering the market today. Motor addresses this challenge by implementing a first-of-its kind EV adoption program for utilities that makes it easy for customers to start driving electric. The company's electrification activation platform gets those new EVs connected to the grid by uniquely enrolling customers in utility managed charging programs when they first get an EV.
"We are excited to welcome Mitsubishi Corporation as an investor in Motor because of its high alignment with our team's purpose: to decarbonize personal mobility. Mitsubishi Corporation aims to become a decarbonization solution provider by investing in energy transition businesses like Motor," said Praveen Kathpal, CEO of Motor. "AES' continued participation as an investor is meaningful because of its collaborative approach to co-creating solutions in our initial markets that are broadly relevant to utilities in the United States. With this new investment, we will continue growing our impact by giving utilities the power to accelerate EV adoption and providing utility customers with the easiest way to start driving electric."
"Mitsubishi Corporation is committed to energy (EX) and digital (DX) transformation, and in the mobility sector invests in the shift towards digitization and connected, autonomous, shared and electrified vehicles (CASE)," said Naoya Takai, Division COO of Mitsubishi Corporation's Mobility Business Division. "Motor's unique business model of partnering with electric utilities to accelerate EV adoption embodies this EX/DX approach, and we believe Motor is ideally positioned at the crossroads of the growing convergence between the energy and transportation sectors."
Electric utilities are motivated to accelerate EV adoption to meet decarbonization goals, grow electricity demand, and keep rates affordable for customers. Motor has redesigned the EV customer journey to provide utilities with the tools they need to maximize electrification outcomes – both accelerating adoption and driving high enrollment in utilities' managed charging programs. When a utility hires Motor, its customers get an easy, low-commitment, and all-in-one experience that includes a car, home delivery, EV onboarding, charging installation, and utility program enrollment.
Kristina Lund, President and CEO of AES Indiana and AES Ohio, said, "Our partnership with Motor has contributed significantly to EV adoption in our market, with an increase of more than 20% in Motor's launch year in the Indianapolis area. Motor's seamless signup process enrolls more than 75% of eligible drivers into managed charging programs, an outcome that benefits all customers."
Building on Motor's successful entry in the U.S. utility market, the funding from this Series A investment round will accelerate its growth into new geographies, refine its digital EV adoption experience, and expand its industry partnerships.
Incubated out of AES, Motor partners with utilities to accelerate consumer adoption of electric vehicles. Motor engages customers through their utility to offer access to EV ownership, overcoming common barriers to adoption and ensuring both the economic and grid benefits of electrification. Learn more about Motor.
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. Learn more about AES.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies.
MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum & Chemicals Solution, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups plus the addition of its Industry DX Group, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe.
With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.
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