Electric vehicles are a prime example of how electricity will be used in more complex ways as we electrify everything to reduce carbon emissions. As batteries, they enable shifting electricity usage in time, and as vehicles, they enable shifting usage in space. At USV, we’ve been interested in facilitating this future of more programmable energy.
The EV opportunity today is especially attractive for commercial fleets. They have predictable routes, are sensitive to maintenance costs, and can structure agreements with EV OEMs and charging networks to make the transition smoother.
One major obstacle to fleet adoption of EVs, however, is the painful roaming charging process. The charging landscape is fragmented, meaning fleets have to navigate working with many different networks. Drivers might have to manage multiple different charging apps, many of which offer clunky user experiences. Furthermore, the fragmentation in the market makes it hard to match supply and demand. Drivers struggle to identify which charging stations have the most availability, while charging networks are frustrated by a lack of tools to drive utilization.
Presto is addressing these challenges with their all-in-one charging app and API that enable fleets to charge on-the-go at thousands of public fast-charging stations. Put another way, Presto makes the EV charging experience buttery. Drivers who use Presto have the confidence that they’ll be able to easily charge their vehicle where they need and that the charging and payment process will go smoothly. Presto also makes it possible for drivers to compare charging stations to find the best prices and shortest wait times. Furthermore, Presto benefits charging networks by empowering them to attract customers when they have capacity, improving the overall economics of charging infrastructure.
We’ve been incredibly impressed by the team’s ability to win partnerships on both sides of the charging market. They’ve built the highest density of fast chargers in a single app through integrations with leading charge point operators like EVgo, EVCS, and others, and they’ve signed up some of the largest and most rapidly electrifying fleets fleets like Avis, Hertz, Uber, and Zipcar. Co-founders Ashwin and J.J. built their market expertise and deep network through their experience at Uber, where Ashwin spent 8 years, during which he launched cities in India and ran the Global Vehicles program, and where J.J. was responsible for iconic partnerships like the Hertz-Tesla-Uber deal.
We are thrilled to be partnering with Ashwin and J.J. and leading Presto’s Seed financing alongside a strong syndicate of investors including Congruent Ventures, Powerhouse Ventures, and Jetstream.
