All-in-one charge point and EV-friendly energy tariff comparison service Rightcharge, has raised £700k in a fully subscribed Seed funding round, to help accelerate the adoption of smart EV charging in the UK.
Investors include Link Venture Capital (a Norwegian cleantech VC), and a host of Angel investors such as James Hind (founder of carwow), Mike Allen (Zeus Capital / early investor in carwow), Stuart Dyble (co-founder of Influence emobility / former board member at Jaguar Land Rover) and Julia Stent (former Commercial Director at uSwitch).
Rightcharge unlocks the benefits of smart charging for EV drivers by helping them find the right charge point and energy tariff for their home or business charging needs. It does this via its transparent, easy to use comparison tools that let users review different EV-friendly energy tariffs, home EV chargers and installation prices from a network of over 50 vetted companies.
The UK government has pledged to ban the sale of new petrol and diesel vehicles by 2030 and new hybrids by 2035 to help cut the transport sector’s carbon emissions – and it is estimated 10 million people will make the switch over the next decade. However, a lack of clear information means drivers are missing the opportunity to switch to smart energy tariffs and install charge points that automatically schedule charging for when it is cheapest and most sustainable.
By using an EV-friendly energy tariff and smart charger combination, EV drivers can make substantial savings, reduce their carbon emissions by 25% and help the UK’s electricity networks avoid billions of pounds of re-enforcement to the grid.
The state of the energy market has been particularly turbulent for consumers in 2021, with rising prices meaning a lack of options for domestic customers to save money and smaller new-entrant energy providers being driven out of business.
However, electric vehicle customers can buck that trend because of the off-peak pricing offered by EV-friendly energy tariffs. Most of the major, established market players offer electric vehicle tariffs that can save customers up to £158 per year and Rightcharge is well placed to help them discover those savings.
Charlie Cook, founder of Rightcharge, said:
“We want to empower the everyday person to choose electric by making EV charging easier, cleaner, cheaper and more accessible. To date we’ve helped over 10,000 drivers to find their installer or energy supplier but we’re just scratching the surface. Around 10-15 million more drivers will go electric by 2030 in the UK alone and the new investment means we are ready to support all automotive retailers who are looking for a charging partner that can deliver industry-leading customer experience.
Christian Rangen, Chairman of the Board at Link Venture Capital said:
“The world is going electric, and the shift to electric mobility is one of the biggest trends and one of the biggest investment opportunities out there. We have been invested in the electric mobility space for over eight years and watched this space grow, mature and then, this year, explode. We are privileged to get the opportunity to invest in and support Rightcharge, as the company grows to take a key position in the future electric mobility landscape. We are very excited for the future of Rightcharge”
Stuart Dyble co-founder of Influence emobility / former board member at JLR said:
“We are now seeing the rapid electrification of the market and as more drivers join the EV community, the need for clear comparative information on charging technology and energy tariffs will grow equally rapidly. I have been very impressed with Charlie and the Rightcharge platform and I look forward to helping him scale the business to the point where Brits won’t choose a home charger or tariff without first checking Rightcharge.”
James Hind, founder of carwow – the leading new car buying site in UK, Germany and Spain said:
“I see first-hand day to day that the electric car revolution is coming and Rightcharge provides the best way for consumers to easily find an installer for a charge point and get a matching smart electricity tariff to go with it. I’m looking forward to working alongside Charlie and his team at Rightcharge and I’m very excited about where this company is going.”
This funding announcement is the latest from Rightcharge which sees it continue to support EV drivers throughout the country after it partnered with Lookers (one of the UK’s largest car retailers), and Leasing.com (the UK’s biggest car leasing comparison site), in the last few months.