Microgrid Labs (MGL) Receives Venture Capital Investment to Scale Fleet Electrification, Charging Infrastructure, and Microgrid Projects.
Innosphere Ventures Fund, a venture capital firm leading early-stage investments in B2B SaaS, Cleantech, and Medtech enterprises, announced its seed-stage investment into Microgrid Labs (MGL), a software and consulting company that provides integrated fleet electrification and microgrid solutions for commercial, industrial and municipal customers across the U.S. The investment will allow MGL to scale the company’s software solutions, and accelerate the planning, development, and installation of the entire electrification process for fleet owners.
Innosphere Ventures Fund co-led the investment with Jacobs Engineering, one of the largest global engineering company, and Catalyze, a leading clean energy transition company that builds, owns, and operates solar, storage, and electric vehicle (EV) charging systems for commercial and industrial customers.
MGL graduated from Innosphere’s Commercialization Program at the end of 2020 and is now a portfolio company of the Innosphere Ventures Fund. “Innosphere Ventures Fund invested in Microgrid Labs because they have an innovative approach for wide-scale electric vehicle adoption and a solution for converting public transport and commercial fleets to clean and renewable energy,” said Mike Freeman, General Partner of Innosphere Ventures Fund.
More than 40 million large trucks and buses carry critical cargo and commuters in the U.S. every day. The transition of these vehicles to large electric vehicles is underway. McKinsey projects that commercial and passenger fleets in the U.S. will grow from fewer than 5,000 electric vehicles in 2018 to over 8 million by 2030. “We’re excited to partner with MGL’s exceptional founders Narayanan Sankar and Namit Singh who are leading the way with innovative technology enabling the transition to clean energy,” said Freeman.
MGL provides commercial fleet electrification services and microgrid infrastructure planning services to municipalities and corporations through its EVOPT Suite, a Software as a Service (SaaS)-based platform for modeling, simulation, optimization, and operation of electric vehicle fleets, charging infrastructure, and energy infrastructure.
“We’re excited that Innosphere continues to be a part of our continued growth,” said Microgrid Labs CEO Narayanan Sankar. “The funding and strategic relationship with Innosphere Ventures Fund, Jacobs Engineering, and Catalyze allows us to support many more organizations in reaching their sustainability goals, reducing transportation costs, and removing other challenges that have previously stood in the way of widespread EV adoption.”