Addressing a Critical Need - EV charging infrastructure
In late 2020, in Oslo, SurplusMap emerged with a clear vision: to tackle the global need for efficient electric vehicle (EV) charging infrastructure. The challenge is significant. Energy companies, charge point operators (CPOs), and retailers faced major hurdles in expanding and optimizing their charging networks. Often, they rely on limited data or intuition, leading to less-than-ideal investments and missed ROI targets for costly charging stations. Europe alone needs to invest 240 billion euros by 2030 to meet its EV charging demand.
SurplusMap is changing the game for these stakeholders. The map-based software gathers essential data, enabling informed decisions about where to invest in new charging stations, identifying stations that need re-investment, and providing insights into market and pricing analytics with live data. What makes SurplusMap unique are its proprietary AI algorithms, developed in-house, which provide predictive analytics and advanced market insights on charging behavior globally. This data helps customers make confident investment decisions and run profitable operations.
The Journey Begins
The journey began in the spring of 2021, when SurplusMap teamed up with Hafslund, the main energy utility in the Oslo region, on a project to identify optimal sites for a battery factory as part of the Joint-Battery Initiative. The success of this venture validated SurplusMap’s innovative use of advanced geospatial tools for green infrastructure planning. Motivated by this early success, SurplusMap sought investors and, by the fall of 2021, secured angel funding from Simula Innovation, an investment arm of the Simula Research Lab for Advanced Computing. This funding was a crucial milestone, offering both financial support and confidence in SurplusMap’s vision and technology.
Accelerating with Equinor-Techstars and Bentley Systems
SurplusMap’s promising technology soon caught the attention of Equinor’s Venture team. After a rigorous selection process, the startup was accepted into the Equinor-Techstars Energy Accelerator. From March to June 2022, SurplusMap’s team immersed themselves in Equinor’s ecosystem, gaining insights from top executives and exploring future business strategies and green technologies. This program provided mentorship and additional equity funding from Techstars. The visibility gained through Techstars led to a six-month proof of concept with Bentley Systems (NASDAQ: BSY). The success of this project resulted in an investment from Bentley Systems, helping SurplusMap move closer to market readiness.
Google’s Strategic Partnership
SurplusMap has developed technology to collect data from over 100,000 EV charging stations across Europe. The company aims to create an advanced algorithm to predict EV charging utilization, providing more insights to customers looking to invest in new or existing charging stations. The project's ambition and potential impact on sustainability caught Google's attention. In the first quarter of 2024, through its Startups for Sustainable Development program, SurplusMap collaborated with Google to scale its machine learning algorithms. This collaboration enhanced SurplusMap’s analytical capabilities, enabling them to offer more precise forecasts on EV charging utilization rates across Europe. Kate Brandt, Google’s Chief Sustainability Officer, publicly endorsed the initiative on LinkedIn, because of its potential impact on developing a robust EV charging infrastructure network globally.
Launching in Europe and Expanding Globally
With the EU mandating 6,000 new charging points weekly by 2030, the market is ripe with opportunity. SurplusMap’s live, map-based platform provides a clear view of the EV charging landscape, helping customers navigate this growing sector confidently. While operations are starting in Europe, SurplusMap’s ambition is global, with plans to target the USA next.
The Norwegian EV model taken globally
"What we want to do is take one of the most important success stories in the green transition—the adoption of electric cars and EV charging infrastructure in Norway—and share these lessons with the world" says Luis de Ita Maubant, CEO and Founder of SurplusMap. SurplusMap equips stakeholders in the green transition with an intuitive, Google Maps-like tool, complete with all the necessary data and powered by AI. This enables fact-based, collaborative conversations, fostering consensus and driving forward the green transition.
