Toyota Invests in WeaveGrid to Allow EVs to Integrate With the Electric Grid

Toyota Motor North America (TMNA) is collaborating with WeaveGrid to ensure that Toyota battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV) are able to smoothly integrate with the electric grid. WeaveGrid’s EV Management System (EVMS) enables grid-integrated EV charging and offers a comprehensive suite of solutions for utilities, including vehicle-to-grid capabilities and artificial intelligence (AI) technology.

The US software company has raised $28 million in funding, led by Toyota’s growth fund, Woven Capital.

Toyota’s investment strategy focuses on developing and providing cutting-edge solutions that can maximise the benefits of load flexibility with EVs on the grid, while at the same time exploring potential financial advantages for customers.

Christopher Yang, group vice president, Toyota EV Charging Solutions, says: “Toyota is committed to making investments in technologies and solutions to provide greater insights for our customers and electric utility partners into how vehicles will interface with their homes and the electric grid. With more Toyota BEV and PHEV customers than ever before, we are looking to ensure that they will be met with a high-quality experience that enriches their ownership journey.”

Apoorv Bhargava, CEO of WeaveGrid, adds: “Toyota is an invaluable collaborator in overcoming one of the most complex challenges of decarbonizing the auto industry: ensuring electric grid reliability by transforming EVs into grid-interactive assets. Working together, we are accelerating the adoption of EVs by creating a delightful driver experience and providing utilities with the tools they need to manage the grid. This investment will enable us to further expand our platform, invest in research and development, and forge deeper relationships with automakers and utilities alike.”

Toyota directly employs nearly 48,000 people in the US.