Cycle Momentum recently announced the third co-investment under its Origo program. Let’s explore ReliOn, the startup that has benefited from this investment.
Why We Invested: ReliOn
Access to a reliable charging network is more important than ever to support the transition to electric vehicles (EVs). ReliON is a reliability-as-a-service platform to maximize charger uptime, created to address a top pain point in the EV value chain. With this round, ReliON will further develop its operations and maintenance platform and expand the network of chargers it supports.
A Critical Issue in EV Charging Infrastructure
In the current shift towards electric vehicles, reliable charging infrastructure is crucial. However, it’s alarming to note that 20 to 30% of EV chargers are frequently out of service. These outages are caused by a variety of issues, such as software or hardware failures, vandalism, communication issues, or interoperability problems.
A Comprehensive Solution to Optimize Reliability
ReliOn is developing a comprehensive operation and maintenance (O&M) platform to optimize the uptime and reliability of the EV charging network, from problem detection to resolution. This innovative approach ensures a more reliable and functional infrastructure, essential for supporting the growth of electric vehicles.
The Origo Program: Support for ReliOn
The investment from the Origo Program marks a critical milestone for ReliOn. This financial and strategic support will enable ReliOn to further develop its O&M platform and scale its operations to meet the growing demand for reliable EV charging solutions. Cycle Momentum, with its extensive network of financial and industrial partners, provides valuable support for ReliOn’s growth and technology deployment.
“We are excited to have Cycle Momentum’s financial and strategic backing. Cycle Momentum has also positioned us to connect with its vast network of financial and industrial partners to help fund our growth and deploy our technology.” – Benoit Lacroix, CEO of ReliOn
Next Steps: Network Growth and Platform Expansion
With this funding, ReliOn plans to expand the network of chargers it supports and extend its platform to additional partners. This growth strategy will ensure not only a more reliable charging infrastructure but also a significant expansion of ReliOn’s services.
ReliOn, with its bold vision and commitment to innovation, is positioned as a key player in optimizing EV charging infrastructure. Thanks to its cutting-edge technology and the support of Cycle Momentum’s Origo program, ReliOn is ready to redefine standards and provide a sustainable, high-quality charging solution for electric vehicles.
Thanks to Environnement Québec for supporting the Origo program as part of the plan pour une économie verte 2030.
