Initial Round of Funding from Texas-based Ecliptic Capital and Multi-National Global Conglomerate, ITOCHU Corporation, Will Drive the Expansion and Further Commercialization of Veloce’s Product Lines of eMobility and Grid Edge Technology
Denver, April 6, 2023 – Today, Veloce Energy announced it has closed its initial round of Series A venture capital investment from two companies committed to supporting the growth of its disruptive technology. ITOCHU, a hundred billion-dollar Japan conglomerate, and Ecliptic Capital, a Texas-based venture firm, are investing in Veloce to propel the company’s leading-edge technology to the next level and build out its product roadmap.
“We are working tirelessly to bring our hardware and software EV (Electric Vehicle) charging infrastructure platform to the masses. These investments from two world class organizations with values like Veloce’s will drive faster and more affordable deployments of our FastGrid™ infrastructure platform. Incorporating our VPort™ modular battery energy storage solution (BESS), our FastConnect™ above-ground power, communications, and services installation solution, and ARGOS™ our site management software, we slash cost and time from EV charging projects,” said Jeff Wolfe, Veloce CEO and Co-Founder. “Our already-deployed fleet of commercialized products and results from recent performance and safety testing have served as an excellent proof source for these two highly sought-after investment partners. We look forward to bringing additional investors into the conversation to finalize what is remaining in our Series A efforts.”
The announcement comes as electric vehicle (EV) charging station developers and service providers work to secure grant funding and tax credits from multiple sources, including the National Electric Vehicle Infrastructure (NEVI), the Inflation Reduction Act, and many state programs. Veloce’s future proofed FastGrid can be installed behind the meter and without the need for major utility upgrades, and with minimal digging and disruption. Veloce’s manufacturing strategy was built on the technical, domestic content and system sizing requirements set forth by the various funding programs, making the company’s products eligible for many incentives.
“ITOCHU recognizes the constantly changing energy landscape, ongoing need for grid stability and rapid growth of vehicle electrification. Veloce hits the mark when it comes to solving these problems” said Masashi (Mike) Nishio, ITOCHU Manager of Energy Storage Solution Business Section. “We understand these needs comprise the foundation on which Veloce Energy was born and look forward to putting our investment to work to fund the deployment of these solutions. We will also contribute directly to the commercialization of this product suite in our own projects in the United States, Japan and other parts of the world.”
“Ecliptic is proud to support Veloce Energy as a co-lead of this series A financing. We believe the veteran team at Veloce has truly grasped the enormity of the challenge in meeting the demand for EV charging infrastructure and grid edge storage solutions. They have responded with a commercial ready solution that not only drastically improves speed to deploy but also enables expandability while being adaptable to the existing built environment,” said Adam Lipman, Ecliptic Capital Co-Founder and Managing Partner.
About Veloce Energy
Veloce Energy is the creator of the FastGrid hardware and software infrastructure platform which reduces the time and cost to deploy and operate EV charging stations and commercial and solar storage. Based in California and Colorado, Veloce technology simplifies grid connection, design, installation, expansion, and operation of grid edge systems. The FastGrid includes leading fire-safe, modular, and compact bi-directional energy storage systems, modular installation systems, and integration and operation software. Veloce’s interoperable charging station infrastructure utilizes open standards and enables EV station operators, fleets, site hosts, and utilities to dynamically manage EV charging and other loads, enhancing existing grid resources. For more visit www.veloceenergy.com
The history of ITOCHU Corporation dates back to 1858 when the Company's founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown over 160 years. With approximately 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas. For more visit https://www.ITOCHU.co.jp/en/index.html
About Ecliptic Capital
Ecliptic Capital is an early-stage innovation capital firm founded by serial entrepreneurs and professional investors focused on value creation. With an eye for Texas, it invests worldwide in pre-seed, seed, and Series A stage companies in emerging technology, health tech, security, climate, and material science. The firm, based in Austin, Texas, was founded in 2018 by Mike W. Erwin, whurley and Adam Lipman. https://ecliptic.capital/