Less than a week after revealing our 2018 cohort, eMotorWerks announced that they were acquired! To add icing to the cake, they were acquired by EnerNOC, a subsidiary of our Global Partner Enel Green Power. eMotorWerks is the creator of JuiceBox, the number one selling electric vehicle (EV) charger on Amazon. In addition to hardware, their Internet of Things (IoT) platform manages grid-integrated EV charging.
There are two ways incumbents can stay ahead of the technology curve: by building in-house R&D teams or through acquisition. Here’s a great article in Greentech Media covering this acquisition and the European utility’s strategy for innovation. eMotorWerks is Enel’s third purchase of a U.S. grid edge company in 2017.
“Electric vehicles have the potential to be one of the most disruptive technologies the modern electricity grid has faced in the last one hundred years,” said Francesco Venturini, Head of Enel’s Global e-Solutions division. “The electric mobility revolution is leading utilities, grid operators, and consumers to rethink traditional business models, invest in new infrastructure, and roll out new solutions to provide flexibility and resiliency to the grid. Our mission is to be on the cutting edge of this paradigm shift, where consumers can play a more active role in energy generation and use. This acquisition enriches our e-mobility offering and integrates a highly sophisticated smart EV charging solution within our portfolio of grid flexibility services, which includes the world’s largest demand response network, distributed energy management systems and battery storage solutions.”
Sending a sincere congratulations to Val Miftakhov, Karen Hsu, and the eMotorWerks team – and an equally big congrats to Sander Cohan, Rafael Gonzalez, Sean Leaver and the entire Enel team.