Synop Platform Seeks to Ease Transition to Electric Fleets

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by KnowESG

An electric commercial fleet management system, which intends to use artificial intelligence to improve the efficiency of operations, charging, and energy management of electric fleets, has received millions in seed funding to boost the endeavour.

The Synop platform has raised $10.1 million. The system intends to make commercial fleets, such as school buses, trucks, rental cars, and government vehicles, more feasible by putting electric vehicle operations and energy management on a single platform.

The designers of Synop, which include people who have been with Amazon Web Services, Citi, JPMorgan, and Volvo Financial Services, say commercial electric fleets face many obstacles to implementation. These include the integration of new electric vehicles, energy price volatility, the charging of mixed fleets, and extended charging times.

Co-founders Gagan Dhillon and Andrew Blejde’s goal is to simplify the transition to electric fleets. Synop is built to support all commercial electric vehicle types and charging infrastructure. They say it is the only software platform designed specifically for large commercial fleets.

The artificial intelligence also produces insights into telematics and logistics for fleets, helping them run more sustainably and efficiently, says Synop.

According to McKinsey, the market for energy-optimization services to support electric fleet charging is expected to reach a value of $15 billion by 2030. The report says electric vehicle use for commercial and passenger fleets in the United States could reach 8 million by then, up from less than 5,000 in 2018.

The Energy Information Administration says light-duty electric fleets will grow from less than 1% of the makeup of fleets in 2020 to 31% by 2050. A report earlier this year by EY found that the key to successful electric fleet transitions is proper charging infrastructure.

Many companies, including Amazon, Frito-Lay, FedEx, and United Rentals, are moving to electric fleets. Maryland is making plans for all-electric buses for its public transportation system, and school districts like Grossmont Union High School District in California also have roadmaps in place for electric buses.

The Synop funding was led by VC Obvious Ventures with participation from Wireframe Ventures, Congruent, and Better Ventures. Synop leaders say the financing will help support further development as well as the recruiting of commercial partners looking to transition to electric vehicles.

“Companies no longer have to be convinced that EVs are the best option for their fleet,” says Dhillon. “The challenge now is to create an infrastructure to sustainably support this mass adoption.”

Source: Environmental Leader

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