Dynamon secures £4m funding from bp ventures to boost EV transition
In a significant boost for the EV transition in commercial transport, bp ventures has invested £4 million in Dynamon. The UK-based software company specialises in developing data analytics and simulation tools for commercial transport and logistics firms. The investment is part of Dynamon’s Series A round, aimed at commercialising and expanding its platform in Europe and North America.
Dynamon’s Data Analytics Software: A Tool for Decarbonising Fleets
As more businesses explore the world of EVs and charging infrastructure, finding the optimal solution can be time-consuming and costly. Dynamon’s software and analysis tools, already deployed across several countries, help businesses understand the cost-effective steps they can take to decarbonize their fleets.
ZERO, Dynamon’s flagship software, addresses this challenge by developing energy and capital investment cost-saving solutions. It analyses the best options for vehicle adoption, charging infrastructure, energy costs, and operations analysis. In a 4,000-vehicle last-mile trial using ZERO, a customer identified a potential annual energy cost saving of £22 million and an annual CO2 saving of 8,700 tonnes after fleet electrification.
bp ventures invests £4 million in UK Software Company Dynamon. Photo courtesy of BP p.l.c.
Pressure on Logistics and Transport Companies to Decarbonize
Logistics and transport companies worldwide face the challenge of transitioning to decarbonized and optimized fleet operations. bp’s industry research reveals that almost half of UK fleet managers and drivers anticipate introducing EVs into their fleets within the next two years.
“Faster adoption of lower carbon energy and mobility solutions will help drive bp towards meeting its ambition to become a net zero company by 2050 or sooner and helping the world get to net zero. We’re very excited to be investing in Dynamon, an EV fleet software business deploying software as a service and data science to help the commercial transport industry transition to lower carbon energy fleets,” said Gareth Burns, Vice President of bp ventures.
Dynamon’s Tools: Enhancing Existing EV Fleet Operations
Dynamon’s tools also enhance existing EV fleet operations, aiding cost management, operational reliability, and providing a deeper understanding of battery degradation. Stefan von Dobschüetz, General Manager for bp pulse Europe, affirmed that Dynamon’s simulation and data analytics tools offer fleet-specific insights to help identify the optimum EVs and charging infrastructure.
In line with this investment, bp aims to invest more in its five transition growth engines, including EV charging, while also investing in today’s energy system as it strives to become an integrated energy company.