Our latest publication explores how our portfolio company Elaway operates its growing network of residential electric vehicle (EV) chargers as a virtual power plant, unlocking additional revenue streams by providing critical grid services.
Download the case study here:
As electric vehicles (EVs) become increasingly widespread, they offer more than just a low-emission mode of transportation. Their batteries, when aggregated, can serve as valuable assets to support grid stability and efficiency.
Our portfolio company, Elaway, is a Nordic EV charging operator specialised in providing full-service charging solutions to housing communities. The company is leveraging its growing network of residential chargers and its market-leading position in the world’s most mature EV market, Norway, to create a Virtual Power Plant (VPP) that can offer flexibility services to grid operators.
Enabled by its residential charging model, which provides greater visibility and predictability of charging behaviour compared to other models of charging (e.g. fast charging), Elaway is running a pilot project focused on the Norwegian and Swedish flexibility markets. By connecting an existing asset base at minimal cost to provide essential grid services, Elaway’s VPP helps avoid costly investments into grid upgrades while creating a shared profit for the company and its customers.
This case study explores two key flexibility markets that Elaway can access: local load shifting and frequency regulation. Local load shifting helps reduce peak demand by intelligently shifting charging times to off-peak periods, while frequency regulation involves rapid, real-time responses to stabilise grid frequency.
By entering these markets early, Elaway positions itself as a first-moving charging operator in the evolving Nordic flexibility landscape. The case study outlines how this approach not only strengthens Elaway’s business model but also delivers concrete benefits to its customers by lowering their charging costs and generating shared value. At scale, the concept will play a key role in helping grid operators maintain stability cost-effectively, making residential EV infrastructure an active contributor to the increasing integration of intermittent renewable energy sources.
