BMW invests in HeyCharge to make EV charging more affordable and accessible

bmw-invests-in-heycharge

The concept of using electricity as fuel for our vehicles is in itself a dream for cost-conscious individuals. With gasoline and diesel prices skyrocketing every now and then, a rechargeable vehicle seems to be a more appealing option.

KEY TAKEAWAYS

  • What is BMW i Ventures?

    BMW i Ventures is the venture capital firm of BMW.
  • What is HeyCharge?

    HeyCharge is a German startup that develops accessible and more affordable EV charging solutions.
  • However, the road to achieving such a convenient and cost-effective alternative is not always as easy as it seems. According to BMW, traditional EV chargers require an app or RFID card and a proper internet connection to begin activation. Even in more developed countries, several places currently do not have an internet access point, or the ability to install such boxes.

    That said, BMW’s venture capital firm BMW i Ventures, has invested in HeyCharge. HeyCharge is a German startup that works to provide better access to electric vehicle (EV) charging stations in apartment complexes, office buildings, and other infrastructure locations.

    “The rapid growth of the electric vehicle market in coming years will necessitate greater infrastructure build-out of charging solutions around the globe. HeyCharge is the first company to enable EV charging without an internet connection, which is a key enabler to cover untapped white spots. With HeyCharge's technology, it becomes attractive to install chargers in locations that before would have not been commercially viable,” said BMW i Ventures Managing Partner Kasper Sage.

    By 2040, almost every new car sold globally will be electric, causing a large need for a scalable charging option that fits into consumers' everyday lives. With 56 percent of Germany and 46 percent of Europe as well as 37 percent of renters in the US living in apartment buildings, BMW understood that the expansion of EV charging stations should be their next course of action. However, the current reliance on internet connectivity is holding scalability back.

    BMW says that HeyCharge’s patent-pending technology, SecureCharge, eliminates the need for an on-site internet connection, allowing the app and chargers to communicate directly over Bluetooth with the HeyCharge App or SDK. This maximizes the availability of the system while minimizing latency between the phone and the charger. When combined with Access Point, HeyCharge’s simple and effective hardware component, total costs can be reduced up to 80 percent in buildings.

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    “In addition to our full wallbox, the HeyCharge Access Point is a bring-your-own-wallbox device that places the bare minimum for access control and consumption invoicing on the building side, allowing for a fast and easy installation that can be made by any electrician in minutes. We are excited to use this investment to scale our product globally and bring low-cost charging options to consumers,” commented HeyCharge Founder and CEO Chris Cardé.

    “We are thrilled to be working with BMW i Ventures in this round and look forward to using this investment to scale our product globally and bring low-cost charging options to consumers,” Cardé added.

    Photos from BMW

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