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FPS to commercialise e-fleet platform

Published to the CV Show website on
14/03/2024

Flexible Power Systems (FPS) has received £2.7 million in funding to speed up commercialisation of its EV and charger management platform for commercial vehicle fleets.

Originally developed for the John Lewis Partnership but expanded to address the needs of all commercial vehicle fleets, FPS Operate integrates and operationalises charge points, vehicles, building energy management and logistics software systems.

The data is used for automated vehicle-task matching, smart charging, reporting and managing uptime.

This financing is supported by a combination of equity investment and a £1.49m innovation loan from Innovate UK to support industrialisation of the platform and its application to an expanding range of commercial vehicle use cases.

Scott O’Brien, Chief Investment Officer at Innovate UK, said: “Innovate UK innovation loans help to deliver growth and scale of businesses through innovation and we are pleased to make this funding available to a business with high growth potential in the net zero economy of the future.”

FPS has previously invested more than £4m in technical development of its software platforms.

The platform couples with EV charge points, vehicle telematics, building metering and a range of transport management systems.

Allan Gray, Chief Financial Officer at FPS, said: “Many fleets are only now getting to grips with significant challenges like power availability, variable range and increased scheduling complexity that can come with an EV transition.

“We foresaw many of these issues several years ago and began investing in FPS Operate to provide fleet operators with the solution to address them.

“As the market matures, we have decided that the time is right to enter debt and equity markets to fund commercialisation.”

 

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