Motor announces $7 million Series A investment to accelerate adoption of electric vehicles

Motor, which provides a consumer electric vehicle (EV) adoption platform for electric utilities, closed a $7 million Series A investment round co-led by The AES Corporation and Mitsubishi Corporation.

The automotive industry has a goal of quickly growing EV sales to 50% of U.S. car sales by 2030. However, a fragmented automotive retail experience is putting the achievement of this important target at risk by keeping potential EV drivers from entering the market today. Motor addresses this challenge by implementing a first-of-its kind EV adoption program for utilities that makes it easy for customers to start driving electric. The company's electrification activation platform gets those new EVs connected to the grid by uniquely enrolling customers in utility managed charging programs when they first get an EV.

"We are excited to welcome Mitsubishi Corporation as an investor in Motor because of its high alignment with our team's purpose: to decarbonize personal mobility. Mitsubishi Corporation aims to become a decarbonization solution provider by investing in energy transition businesses like Motor," says Praveen Kathpal, CEO of Motor. "AES' continued participation as an investor is meaningful because of its collaborative approach to co-creating solutions in our initial markets that are broadly relevant to utilities in the United States. With this new investment, we will continue growing our impact by giving utilities the power to accelerate EV adoption and providing utility customers with the easiest way to start driving electric."

"Mitsubishi Corporation is committed to energy (EX) and digital (DX) transformation, and in the mobility sector invests in the shift towards digitization and connected, autonomous, shared and electrified vehicles (CASE)," says Naoya Takai, Division COO of Mitsubishi Corporation's Mobility Business Division. "Motor's unique business model of partnering with electric utilities to accelerate EV adoption embodies this EX/DX approach, and we believe Motor is ideally positioned at the crossroads of the growing convergence between the energy and transportation sectors."

Electric utilities are motivated to accelerate EV adoption to meet decarbonization goals, grow electricity demand, and keep rates affordable for customers. Motor has redesigned the EV customer journey to provide utilities with the tools they need to maximize electrification outcomes – both accelerating adoption and driving high enrollment in utilities' managed charging programs. When a utility hires Motor, its customers get an easy, low-commitment, and all-in-one experience that includes a car, home delivery, EV onboarding, charging installation, and utility program enrollment.

"Our partnership with Motor has contributed significantly to EV adoption in our market, with an increase of more than 20% in Motor's launch year in the Indianapolis area,” says Kristina Lund, President and CEO of AES Indiana and AES Ohio. “Motor's seamless signup process enrolls more than 75% of eligible drivers into managed charging programs, an outcome that benefits all customers."

Building on Motor's successful entry in the U.S. utility market, the funding from this Series A investment round will accelerate its growth into new geographies, refine its digital EV adoption experience, and expand its industry partnerships.