Recharge Véhicule Électrique secures $6M seed financing

CPE News

CPE News (11.10.2023) – Recharge Véhicule Électrique (RVE) has raised $6 million in seed funding with Fondaction, Export Development Canada (EDC) and Investissement Québec each contributing $2 million. In additional RVE received a grant of nearly $2 million from the Ministère de l’Économie, de l’Innovation et de l’Énergie.

New funding will be used to support the development and deployment of innovative solutions that democratize access to home charging for electric vehicle owners across North America. REV said the project will eventually free up 4,000 megawatts of power from the electrical grid, and enable electric vehicle charging to be moved to off-peak hours.

Founded by David Corbeil and Marie-Pier Corbeil and their family, Recharge Véhicule Électrique offers electric vehicle energy management systems (EVEMS), namely the DCC and SMP product lines. RVE’s patented hardware and software energy management systems (the DCC product line) are compatible with all electric vehicles and charging stations. They allow for optimized management of a home’s electrical capacity without having to increase it and, in the case of a multi-unit residential building, attribute the amount of electricity used during charging to the owner’s electricity meter for simplified billing.

photo credit: Recharge Véhicule Électrique, founders Marie-Pier and David Corbeil

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More than $7 million invested in RVE to democratize access to electric vehicle charging in North America

Recharge Véhicule Électrique (RVE) announces total investments of over $7 million to support the development and deployment of innovative solutions that democratize access to home charging for electric vehicle owners across North America. This project will eventually free up 4,000 megawatts of power from the electrical grid, and enable electric vehicle charging to be moved to off-peak hours, argues David Corbeil, president and co-founder of RVE with his sister Marie-Pier. Fondaction, Export Development Canada (EDC) and Investissement Québec each contribute $2 million and a grant of nearly $2 million from the Ministère de l’Économie, de l’Innovation et de l’Énergie completes this transaction.

“This collaboration, which brings together three investors who share our values and vision, gives us the means to achieve our ambitions,” continues David Corbeil. “First and foremost, we want to provide equitable, low-impact, sustainable access to home charging for electric vehicles. Whether owners live in a multifamily building or a single-family home, the goal is to simplify everyone’s contribution to a carbon-neutral future.”

“Transportation electrification will grow exponentially over the next few years. It’s important for our government to support RVE’s project, which will help accelerate Quebec’s energy transition,” says Christopher Skeete, Minister for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region.

Geneviève Morin, C“EO of Fondaction, agrees: “Democratizing access to electric vehicle charging in densely populated areas promotes the electrification of transport in a context where we are seeking to avoid GHG emissions and urban sprawl. With the announced end of the sale of gasoline-powered vehicles, this accessibility makes the transition smoother for people who need to own a personal vehicle.”

EDC and Investissement Québec have expressed their support for RVE’s innovative approach to the future of the electrical transition in Quebec and Canada:

“EDC is proud to support RVE and their vision to empower single and multi-family homes in North America with access to sustainable EV charging solutions,” said Guillermo Freire, Senior Vice-President, Mid-Market Group, and responsible for EDC’s cleantech practice. “This joint investment through EDC’s Investment Matching Program highlights the importance of supporting small and medium sized businesses, such as RVE, to grow their business and compete in international markets, while delivering cutting-edge innovations.”

“We are delighted to support the RVE team in this new phase of their growth,” says Guy LeBlanc, President and CEO of Investissement Québec. “Alongside our partners from the financial ecosystem, we are promoting the development of innovative Quebec-based technologies for the electrification of transportation.”
Providing safe technology and access to tailored information

RVE’s patented hardware and software energy management systems (the DCC product line) are compatible with all electric vehicles and charging stations. They allow for optimized management of a home’s electrical capacity without having to increase it and, in the case of a multi-unit residential building, attribute the amount of electricity used during charging to the owner’s electricity meter for simplified billing. These technologies are perfectly in line with the Quebec government’s new Electric Vehicle Charging Strategy, which aims, among other things, to increase access to home charging and adapt 35% of parking spaces in multi-unit buildings to allow for the installation of charging stations.

Co-founder and Director of Operations Marie-Pier Corbeil believes, however, that it’s not enough to offer technical solutions to contribute to this transition, it’s also important to be able to support and inform future users: “David and I were lucky to have an electrician as a father who helped us understand the ‘electric’ sector in detail. In order to pass this knowledge on, we created the murbly.com information platform, which offers free support to condo and multi-family building unit owners in the process of implementing a charging infrastructure. It’s also possible for board members and condominium managers to rely on the expertise of a Murbly consultant who can answer questions about charging station installations and the options available to them”.

Since its creation in 2015, RVE has been supported in various ways by Quebec and Canadian organizations such as Hydro-Québec, the Association des véhicules électriques du Québec (AVEQ), Electric Mobility Canada (EMC), Electro-Federation Canada (EFC) and Propulsion Québec, among others. More than twenty North American electrical distributors already place their trust in the company, including the Sonepar Canada and USA group and its subsidiaries, Lumen and Gescan, as well as Canadian distributors City Electric Supply and EECOL Electric.

About Fondaction

A pioneer for more than 25 years, Fondaction is the investment fund for those committed to the positive transformation of the Quebec economy. As a labour-sponsored fund, Fondaction represents tens of thousands of investors and hundreds of companies committed to moving Quebec forward. It manages net assets totalling over $3.34 billion, invested in hundreds of companies and financial markets, with a focus on investments that generate positive economic, social and environmental impacts in addition to financial returns. Fondaction helps maintain and create jobs, reduce inequalities and combat climate change. For more information, visit fondaction.com or Fondaction’s LinkedIn page.

About Export Development Canada

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.

About Investissement Québec

Investissement Québec’s mission is to play an active role in Québec’s economic development by stimulating business innovation, entrepreneurship and business succession, as well as investment and export growth. Active in every administrative region of Québec, the Corporation supports the creation and development of businesses of all sizes through investments and customized financial solutions. Investissement Québec also provides consulting services and other support measures, including technical and technological support offered by Investissement Québec – CRIQ. Investissement Québec International helps companies export their products and services, and helps them prospect for foreign talent and investment in Québec.

About RVE

Founded in 2015, RVE gives tens of thousands of electric vehicle users across Canada and the United States the opportunity to charge their vehicles at home on a daily basis by optimizing their energy consumption. A true reference in the home charging industry, RVE offers electric vehicle energy management systems (EVEMS), namely the DCC and SMP product lines.

RVE also operates murbly.com, a platform to educate and help owners in multi-unit dwellings achieve electric vehicle charging by providing resources, tools, and consultation. Murbly aims to simplify the process of adapting a multi-family home or condominium to be ready for electric vehicle supply equipment.