EV Battery Tech, a Canadian battery solutions provider, is set to acquire cryptocurrency app developer CryptoPlug for £4.4 million.
Through CryptoPlug’s app, electric vehicle (EV) drivers will be able to make payments in crypto at EV Battery Tech’s charging station infrastructure.
Aside from payments, the app will also allow users to personalise their electric vehicle’s power requirements around existing infrastructure.
Whilst EV Battery Tech and its subsidiary, IoniX Pro Battery Technologies, have already launched their own blockchain power management application called Smart Command, their acquisition of CryptoPlug is expected to reduce development time considerably.
By integrating CryptoPlug features into Smart Command, the ways in which customers source their EV power will be better optimised. Through the app’s blockchain technology it is able to monitor charging sessions, track power purchases, and it can even resell power back to the grid.
EV Battery Tech CEO, Bryson Goodwin, said: “The CryptoPlug technology will be a perfect complement to our Smart Command application and will assist in bringing a more robust application to the market sooner than previously expected.
We plan to integrate this technology into the entire IoniX Pro product suite. By streamlining all payment systems, including cryptocurrencies, which are growing in popularity, we believe we will be revolutionising the way consumers manage and pay for their EV and ESS power needs.”
The app will be free of charge to download, using a fee-based model on transactions.
Want to learn more from executives at the heart of this space? The Blockchain IoT Solutions Congress, on November 2 2021, will explore the convergence of these two technologies and the use cases and industries that will benefit.