Investments will likely target early-stage
startups to nurture the next generation of electrification and to
align with WEX’s mission to lead the energy transition to EVs
WEX (NYSE: WEX), the global commerce platform
that simplifies the business of running a business, today announced
that its Board of Directors has authorized a new investment arm of
WEX, WEX Venture Capital, to invest up to $100 million through the
end of 2025, which will likely be made predominantly in early-stage
companies focused on the energy transition, including areas such as
fleet electrification, the electric vehicle (EV) charging
ecosystem, energy management and optimization, and adjacent
technology. WEX Venture Capital has already started to deploy
capital, including minority investments in Chargetrip and
ev.energy.
“WEX Venture Capital is proof that we do not
have to choose between doing what’s right for business and what’s
right for the future of mobility,” said Melissa Smith, Chair,
Chief Executive Officer, and President, WEX. “From routing and
energy management to fuel payment systems, the energy transition
will benefit from innovation in fleet management offerings,
creating flexibility for our customers to seamlessly charge or fuel
at work, home, and en route. WEX Venture Capital’s investments will
be aimed at supporting companies focused on the critical back-end
infrastructure necessary to achieve widespread commercial EV
adoption, while also creating new value for WEX’s global fleet
customers navigating the evolving electric mobility ecosystem. This
is a crucial moment for WEX and the larger fleet industry, and
we’re proud to help lead this transition.”
Already a trusted advisor to fleet mobility
customers, including more than 18 million vehicles serviced
globally as of Q2 2023, the portfolio companies in which WEX
Venture Capital expects to invest will have the potential to
benefit from the capital investment as well as the potential
commercial opportunities presented by WEX’s fleet mobility
customers and partners across the broader and evolving fueling and
charging ecosystem.
“In the years to come, the energy transition
will transform how we move employees and goods around the economy,”
said Jay Dearborn, Chief Strategy Officer, WEX. “WEX Venture
Capital positions WEX to not only serve our commercial customers
with the innovation we drive from within, but to also participate
and help unlock rich innovation that is happening across the
ecosystem.”
The new initiative reflects the importance of
engaging with outside innovators and companies, which complements
WEX’s historical approach to growth through traditional M&A and
internal development efforts. WEX Venture Capital diversifies WEX’s
long-term strategy by positioning the company to identify new
revenue models, provide visibility beyond WEX’s current product
roadmap, and participate in the early-stage product innovation
ecosystem as many of its fleet mobility customers begin to migrate
from internal combustion engine vehicles to EVs and mixed fleets as
part of the energy transition.
WEX Venture Capital’s investment thesis is
reflected in its recent investments in Chargetrip, a
Netherlands-based company focused on range prediction and EV
routing for private drivers and commercial fleets, and ev.energy, a
UK-based company offering a managed charging software platform for
EVs. ev.energy announced its $33 million Series B round of
financing today.
“We are thrilled to welcome Chargetrip and
ev.energy to the WEX Venture Capital portfolio,” said Carlos
Carriedo, Chief Operating Officer, International, WEX.
“Chargetrip’s deep expertise in range prediction and routing
technology for EV fleets and ev.energy’s managed charging platform
are both critical in helping our clients optimize their EV
investments. We look forward to collaborating with Chargetrip and
ev.energy to help strengthen their first-mover advantage in market
awareness, product maturity, and traction as fleets convert to EVs
over time.”
“The investment from WEX Venture Capital is a
major step towards our goal to be the number one design partner for
electrifying fleets. With WEX’s network and fleet software
expertise, Chargetrip will be able to access new customers, benefit
from WEX leadership’s knowledge, and grow its North American
presence,” said Gideon van Dijk, Chief Executive Officer and
Co-Founder, Chargetrip.
"WEX Venture Capital is a great partner for
ev.energy, giving us access to millions of fleet vehicles across
the US and Europe. I'm excited about working with WEX to help fleet
managers save thousands and reduce carbon emissions through the
vehicle-grid integration of fleet EVs," said Nick Woolley, Chief
Executive Officer and Co-Founder, ev.energy.
WEX Venture Capital is launched as the growth
of EV adoption reaches an inflection point. Given its leading
position in the fuel payments industry, serving over 600,000 fleet
customers worldwide, WEX Venture Capital enables WEX to play a
meaningful role in the greater electric mobility ecosystem by
assisting a variety of new stakeholders, from energy suppliers to
charge point operators, OEMs, charging locations, and energy
markets, among others as they streamline the future of charging and
payments.
For more information about WEX Venture Capital,
please visit https://vc.wexinc.com.
About
WEX
WEX (NYSE: WEX) is the global commerce platform
that simplifies the business of running a business. WEX has created
a powerful ecosystem that offers seamlessly embedded, personalized
solutions for its customers around the world. Through its rich data
and specialized expertise in simplifying benefits, reimagining
mobility and paying and getting paid, WEX aims to make it easy for
companies to overcome complexity and reach their full potential.
For more information, please visit www.wexinc.com.
About
WEX Venture Capital
WEX Venture Capital is the venture capital arm
of WEX (NYSE: WEX) with an authorization of $100 million in capital
focused on identifying and helping advance next-generation
technology and companies focused on the energy transition.
Investment areas of focus include fleet electrification, the
electric vehicle (EV) charging ecosystem, energy management and
optimization, and adjacent technology. WEX Venture Capital offers
portfolio companies the potential to benefit from the breadth of
WEX's global fleet business and expertise, while guiding WEX fleet
customers as they navigate the expected global EV transition. For
more information, please visit https://vc.wexinc.com.
About
Chargetrip
Chargetrip is an API-based SaaS company that
enables fleet electrification and e-mobility application
development with EV routing and range prediction technology. Its
platform routes about 15% of Europe's EV drivers and is trusted by
top EV charging, vehicle rental, and energy utility companies
globally. In addition to WEX Venture Capital, Chargetrip is backed
by world-class investors HSBC Asset Management, Riverstone, Blue
Bear Capital, Vindeggen, and Axel Springer Porsche. Learn more at
https://chargetrip.com.
About
ev.energy
ev.energy is a Certified B Corporation® with a
mission to make EV charging greener, cheaper, and smarter for
utilities and their customers. Its end-to-end software platform
wirelessly connects to a range of electric vehicles and chargers to
intelligently manage EV charging while working with utilities to
put cash back in customers’ wallets for charging at grid-friendly
times. With a global base of utility, vehicle OEM and EVSE
partners, ev.energy manages more than 100,000 EVs on its platform
each day. Learn more at https://ev.energy/business.
Forward-Looking
Statements made by WEX
This press release contains forward-looking
statements, including statements regarding expectations for future
investments. Any statements that are not statements of historical
facts may be deemed to be forward-looking statements. When used in
this release, the words “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,”
“seeks,”“will”, and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words. These forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially, including: WEX’s ability and
timing to execute on any such investments and the success of such
investments, as well as other risks and uncertainties identified in
Item 1A of WEX’s annual report on Form 10-K for the year ended
December 31, 2022, filed with the Securities and Exchange
Commission on February 28, 2023 and the Company’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2023, filed with the
SEC on April 27, 2023 and any subsequent SEC filings. WEX's
forward-looking statements do not reflect the potential future
impact of any alliance, merger, acquisition, disposition or stock
repurchases. The forward-looking statements speak only as of the
date of this release and undue reliance should not be placed on
these statements. WEX disclaims any obligation to update any
forward-looking statements as a result of new information, future
events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726351925/en/
News media: WEX Julie Lydon, 415-816-9397
Julie.Lydon@wexinc.com
Investor: WEX Steve Elder, 207-523-7769
Steve.Elder@wexinc.com
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