Last week it became just that bit easier to imagine the petrol car’s hegemonic dominance of the earth is loosening.
A division of motor company Toyota, Toyota Tsusho Corporation, Germany-based industrial conglomerate Siemens and US-based insurer Hartford Financial Services Group all invested in a $47.5m series D round backing Coulomb Technologies, which says that it runs the largest global network of independent car charging stations. This gives the company significant resources, as the investment appears to be roughly 1.5 times the $32.75m Coulomb has previously raised, according to Global Corporate Venturing analysis, which in itself had helped Coulomb become the biggest in its market.
Part of the thesis behind the corporates’ investment in Coulomb is that the electric car could soon become more widely used. If this happens it would likely impact in many ways how automakers, equipment suppliers, insurers and many other groups do business.
Tom Whiteaker, who manages Hartford Ventures, the corporate venturing unit of the insurance company, said: "Our investment in Coulomb is enabling us to learn about the car of the future. This provides a foundation to build a thought leadership position in the insurance industry as the shift to electric vehicles and other new business models like car sharing continue to advance."
Whiteaker said: "This investment has positioned us even stronger as a green company. Last year, we announced the installation of Coulomb electric vehicle stations on three of our Connecticut campuses. This has helped further educate our teammates that these technologies are not just about the future, but the future is here today."
The key obstacle to the electric vehicle sector is to have a network of charging stations, similar to how we use petrol pumps today. Automakers like Toyota are said to be very interested in spurring on the process as most of them are developing an electric vehicle. Peter Bastien, senior manager of technology business development at Toyota Tsusho America, said: "Toyota Tsusho understands the challenges of the emerging electric vehicle sector, including the build-out of the battery charging ecosystem. Coulomb is the leader in networked charging stations, and Toyota Tsusho looks forward to partnering with them in Asia."
Similarly Siemens is positioning itself to provide equipment to such companies. Gerd Goette, investment partner at Siemens Venture Capital (SVC), said: "There is a very active commercial relationship between Siemens and Coulomb. Siemens Energy had entered into a joint marketing agreement in June 2010, subsequent to SVC’s initial investment in Coulomb in January 2010. By now Siemens has sold hundreds of charging stations to power utilities, municipalities, parking garage operators and commercial customers."
Goette added: "Recently, Siemens also entered into an agreement with the US General Services Administration, supplying charging infrastructure to Veterans Affairs facilities. As an OEM [original equipment manufacturer] partner Siemens continues to contribute in a significant way to Coulomb’s revenue growth."
Arguably the chances have increased that you may find yourself charging, instead of filling up, a car. For those worried about carbon emissions from cars as well as the availability and price of oil, this investment by these corporate venturing groups could well be an important day.