BP drives £4m into UK-based EV fleet software firm

BP Ventures has today announced a £4m investment in electric vehicle (EV) fleet software business Dynamon, in a move it hopes will help diversify its fleet services proposition and support customers’ transition towards zero-emission vehicles.

Dynamon’s tools help businesses running EV fleets manage costs, enhance operational reliability, and gain a deeper understanding of battery degradation through advanced data analytics.

Its flagship Zero product offers EV fleet managers electricity demand forecasts and driving pattern analysis that can help them cut energy and capital investment costs by optimising EV adoption, charging infrastructure, energy costs, and fleet operations.

The company said that in one trial involving a 4,000-vehicle last mile fleet, one partner identified a potential £22m annual energy cost saving and 8,700 tonnes in annual carbon emissions savings using the tool.

BP’s funding forms part of a Series A round for Dynamon and represents the latest addition to the oil and gas giant’s $1bn portfolio of 40 tech investments. It comes just days after the firm reported profits of $2.6 billion for the second quarter of the year.

According to recent BP industry research, almost half of UK fleet managers and fleet drivers think they will begin introducing EVs to their fleets within the next two years.

Gareth Burns, vice president of BP Ventures, said that faster adoption of lower carbon energy and mobility solutions will help support BP’s ambition to become a net zero company by 2050 or sooner.

“We’re very excited to be investing in Dynamon, an EV fleet software business deploying software as a service and data science to help the commercial transport industry transition to lower carbon energy fleets,” he said.

Angus Webb, CEO of Dynamon, said the firm is committed to bringing the most advanced fleet optimisation tools to the transport industry.

“This is becoming increasingly critical with the transition to electric vehicles requiring both fleets and suppliers to perform complex analysis to ensure that solutions will be robust and cost-effective,” he said. “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.”

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