Ionage: Pioneering EV Charging Solutions
Ionage, an AI-enabled energy management platform, has successfully raised $1.3 million in a pre-Series A funding round. This funding was co-led by strategic investors and a consortium of CXOs from various energy and infrastructure firms. The newly acquired funds will assist in achieving total coverage of active EV charging networks across India, enhancing charger discovery and payment processes for electric vehicle (EV) users, and supporting small to mid-sized charge point operators (CPOs) in establishing and managing their stations, as announced in a press release.
About Ionage and Its Vision
Established in 2021 by Vimal Kumar V and Varun Chandran, Ionage is dedicated to creating an EV charging operating system that integrates charge point operators, charger manufacturers, real estate owners, and EV users. This platform allows drivers to easily locate, access, and pay for charging services across various networks.
Current Operations and Growth
The Bengaluru-based startup has successfully onboarded over 25,000 four-wheeler charge points and now supports more than 63 fleets throughout the country. Ionage collaborates with more than 75 charging partners and utilises charger mapping alongside roaming capabilities to unify charging infrastructure across different networks.
Ionage projects to exceed processing of over 20 million units of energy monthly within the next year, driven by a consistent monthly growth rate exceeding 25%. The firm’s operations cover more than 70% of India’s charging hardware and engage with prominent EV charging manufacturers during installation phases. Its comprehensive solutions cater to diverse venues, including offices, malls, hospitality sectors, and residential communities.
Future Plans and Infrastructure Needs
The company currently operates in 33 states and Union Territories and spans nearly 3,000 cities. Within the next 18 months, Ionage aims to develop and foster micro clusters for CPOs in Tier 2 cities.
According to research conducted by CII and ORF, India’s EV charging infrastructure must expand by more than 40 times by 2030 to meet the anticipated demand. The country will require upwards of 1.32 million public chargers by this timeline to accommodate the expected 30 million electric two-wheelers and four-wheelers on the roads.
Innovative Products and Technology
Ionage provides a range of products including Nexus, the Ionage App, Flo, and CASA, along with a Discovery API and business SDK currently in closed beta. Furthermore, the startup is leveraging AI and machine learning capabilities to enhance load balancing and energy trading within its charging network.