Our interview series Startup Stories features founders from our Future Health and Future City Accelerators. This edition showcases Claudio Geyken and Aneesh Mohan, founders of Ridergy ⚡️
What are you working on?
We help Electric Vehicle (EV) owners leverage flexible energy demand and storage, using smart tech to steer optimum charging. We reduce costs by 20% and boost renewable electricity usage for mobility in an easy way.
What is your killer value proposition and who are you building it for?
Renewable energy resources are volatile, leading to oscillations in clean electricity production and prices. Batteries and flexible power demand are needed to get rid of carbon from electricity production and keep the grid stable. EVs provide both. But most people who own EVs don’t take advantage of this opportunity. Instead, they struggle to find cheap ways to charge their cars with green energy.
RiDERgy provides scalable, flexible API-first software to EV owners and fleets to steer the charging process and achieve the lowest charging costs, using grid-friendly green electricity and smart algorithms. Our team of engineers and innovators is on a mission to create the leading EV aggregator, and we plan to explore different opportunities to save costs and use green energy in an easy way for our clients.
Here’s what’s special about RiDERgy: We achieve the lowest costs: our data-driven, self-learning algorithms, and no-hardware approach enable us to provide the lowest costs, with a 20% reduction in charging costs. For this, we optimize local loads and participate in real-time energy system markets. We provide a feasibility analysis and charging concept for converting fleets to electric vehicles in an efficient way, which will lower the total cost of ownership of EVs.
We make you use green energy: By using real-time vehicle, charging infrastructure, grid and energy market data, we optimize for renewable electricity usage and grid stability on a system level. Soon we will be able to integrate with other energy systems, helping our customers expand their green energy consumption.
We are very flexible: our API-first approach lets us connect to many different systems, like vehicles, charging points, and fleet management systems, through the cloud. This means we have very few constraints to adapt to the existing infrastructure.
Why does this matter and why are you the right team to drive this forward?
Making EVs and renewable energy less costly accelerates their adoption and helps reduce global warming and environmental damage from stationary batteries. Now that EVs and renewables are booming, charging needs to be managed for a stable grid. AI can be leveraged for this solution. We’re passionate about the challenge and believe starting up is the most impactful use of our time.
I started engaging in the energy transition since I was 14 years old, and I believe the exponential growth of electric mobility, renewable energy and AI open the space for synergies at a worldwide scale. This will enable us to be more resource-efficient and better protect the environment, which we should! With that in mind, and also knowing firsthand from entrepreneurs that it is the best way to tackle challenges fast, I created RiDERgy with Aneesh, sure that the impact it can generate is huge. We have been putting our ideas into action, building our product, talking to many different stakeholders, and validating that our approach works. Our team is made up of energy and software engineers and innovators who really want to make RiDERgy a leading global EV aggregator. We are growing, and we are ready to generate impact in the transition towards green electric mobility.
What are the next big milestones you have to reach?
We were incorporated in 2022 and raised over EUR 200K by participating in different competitions and accelerator programs. This has allowed us to build our MVP and, most importantly, get exposure and a lot of feedback from important stakeholders.
Currently, our partnership and client opportunity pipeline is big, and we are testing and enhancing the product to allow its commercialization on a larger scale. Unfortunately, many details cannot be disclosed, but you will soon receive some great news! All I can say is our algorithms are becoming more comprehensive, including different use cases and energy systems such as solar PV and storage.
For this year, we plan to close this strategic partnership and keep expanding our team with a focus on product and business development. We will raise 100 K in convertible loans before a 1M+ seed round by the end of 2023. Our internalization process is already underway, and we envision RiDERgy to be the leading EV aggregator in the world.
Share with the audience a particular moment that inspired you during the Future Health Accelerator
The demo day was a highlight for me, feeling the vibrant energy in the event, the culmination of a long period of time of hard work for everyone. I was inspired by what my fellow entrepreneurs were working on, and we could celebrate together a common period of growth and iteration in our companies.
Would you like to share anything else?
Stay up-to-date with our progress through our LinkedIn page — we hope to share some very good news soon! Also, on our website, you can learn more about what and how we do things. Please get in touch if you want to explore more about our solution, discuss partnerships, or join our team!
BIA is a boutique agency developing innovation, transformation and learning journeys for corporates, startups, and scaleups. Our pre-seed startup accelerators are our special impact initiatives, supporting ambitious entrepreneurs working to disrupt the future of urban life, health, and technology. Our programs are backed by the Berlin Senate and the European Social Fund.