The venture capital arm of energy giant BP has made an investment of £4 million in Dynamon, a UK-based firm that supplies commercial logistics and transport companies with software solutions. Customers of BP Pulse will also gain access to data analytics and simulation tools for managing electric fleets thanks to a new commercial partnership.
In addition to producing lubricants like the Castrol gear oil and grease and investing in the current energy system, BP is investing in five growth engines for the energy transition, including electric vehicle (EV) charging. Dynamon’s solutions aim to help businesses learn how they can de-carbonise their fleets in a cost-effective manner.
Dynamon’s flagship ZERO software provides optimal solutions for fleet electrification by identifying the best adoption pathway. In a last-mile trial involving 4,000 vehicles, the software identified annual costs savings for energy of £22 million based on fuel costs of £0.28 per mile for diesel and £0.125 per mile for electric. Carbon dioxide emissions were also reduced by 8,700 tonnes each year.
Dynamon’s CEO, Angus Webb, said about the new partnership:
“Alongside the investment, Dynamon and bp have signed a commercial agreement to utilise ZERO, or similar tools. Working together will help bp pulse to diversify its fleet proposition and further develop its premium customer offer, providing customers with support as they increasingly look to adopt EV solutions.”
The new funding from the Series A funding round will help Dynamon to commercialise and scale its platform fully as it grows its North American and European operations.