Report shows surge in homegrown innovation, from EV icons to new arrivals

LONDON, June 4, 2024 /PRNewswire/ -- Digital transformation consultancy Futurice UK today unveils its annual E40 report, spotlighting the most innovative EV players flexing their capabilities against a turbulent commercial backdrop. With a global pricing war, slowing sales and fierce competition from China - the world's biggest EV market - creating the toughest conditions yet, the industry is facing "a broader reckoning" in the race to net-zero mobility. The fourth edition of the E40 zeroes in on the people and brands responding to these pressures, examining global trends from a UK perspective.

"We're entering a new, more challenging phase in EV adoption which is pushing the industry to fresh heights in terms of innovation, partnerships and boundary-stretching ideas," says David Mitchell, Co-Managing Director at Futurice UK. "This year's E40 entrants are rising to the challenge, particularly in the UK, where startups are experimenting with everything from vehicle-to-grid (V2G) tech to new battery technology and hydrogen-electric powertrains.

"At the same time, manufacturers are bearing the brunt of the government's recent decision to delay the UK ban on new diesel and petrol cars to 2035," he continues. "With a knock-on effect on demand - consumer uptake of new EVs fell by over 21% in April - OEMs must nevertheless continue to comply with the ZEV mandate of 22% electric car sales. It's a complex situation which our E40 stars are battling to navigate; using a software-first mindset to solve the dilemma of e-mobility that's both affordable and accessible."

From heavyweight OEMs to aviation pioneers and community energy startups, this year's E40 ranks the runners and riders shaping tomorrow's electric world using four key metrics:

Ambition & Potential - level of commitment to driving the mobility energy transition
Impact - scale of impact delivered to date
Innovation - ability to create new ideas, products and technologies
Momentum - the necessary impetus to move the business forward in a highly competitive environment

There are 12 new entrants in this year's report: Agratas (the highest new entrant), Zenobē, Ripple Energy, Pure Electric, BMW, Munro Vehicles, Indra, Anaphite, QPT, BYD, Electric Miles and Skyports. Sixteen companies including Octopus Energy, MG, KIA, ZeroAvia and Zapmap - increased their ranking while ten companies saw their ranking fall year-on-year - signalling the turbulence the e-mobility sector is experiencing. Overall, Futurice's own internally weighted scoring revealed that outside the top five, the entries were incredibly close.

Holding the E40 number one spot for the fourth year running, Tesla has acted boldly to ensure its dominance over the past 12 months, cutting prices on its best-selling Model Y SUV, moving ahead on plans for a Texas lithium refinery and using its new Cybertruck to rival GM and Ford in the booming pick-up sector.

In at number two, Octopus Energy is pioneering the UK's first mass-market V2G tariff, enabling free charging for EV owners who sell energy from their car batteries back to the grid during peak hours. It's a smart move as the likes of Tesla, BMW and Volkswagen push ahead on models capable of bidirectional charging.

In fact, V2G tech - also championed by Ev.energy (at no. 14 in the report), OVO Energy (no. 20) and new entrant, charge management platform Electric Miles (no. 39) - is a key theme in this year's report. It could represent a watershed moment for EV mass-adoption, signalling the start of simpler and cheaper energy systems for homes.

Meanwhile, the appearance of hydro-electric aviation pioneer ZeroAvia at number five in the E40 illustrates how some of the industry's most seismic developments are taking place beyond cars. With global airlines placing 2,000 pre-orders for its engines, ZeroAvia joins Bristol-based air taxi startup, Vertical Aerospace (no. 29), and landing infrastructure platform Skyports (no. 40), in breaking ground for the future of electric aviation in the UK.

Homegrown innovation is a trend across many of the E40's new entrants this year, including battery storage company Zenobē (no. 15), whose debut site can store enough wind energy to power 130,000 homes for two hours, community wind farm trailblazer Ripple Energy (no. 18), and vehicle-to-home (V2H) bidirectional charging expert Indra (no. 31). Indra is currently leading a large-scale V2H trial with hundreds of UK participants.

Tata-owned Agratas, the report's highest-ranking newcomer at number 11, underlines the importance of overseas investment in the UK's e-mobility scene. Agratas' debut on the battery scene via a £4bn Somerset gigafactory, has the capacity to produce 40GWh of cells annually and to create 4,000 green tech jobs.

David Mitchell says: "This year's E40 proves the adage that adversity brings opportunity. With the EV ecosystem facing new threats - not least from China - we're seeing some truly radical ideas emerge. Research projects involving community charging, circular energy and the broader urban mobility scene are building momentum. But, with the global market growing ever more diverse and competitive, there's zero room for complacency. The UK must work hard to build on its hard-won reputation for EV innovation, at a point where there is everything to play for."

To download and read the new E40 report, with trends insight from David Mitchell, Imogen Bhogal, presenter at Fully Charged, and Steve Catlin, managing director of Volvo Cars Financial Services, follow this link.

Futurice is a digital transformation consultancy, helping clients to solve their biggest challenges and empowering them to make a positive impact on the world.

We design, develop and scale digital products and services across many industries. Our goal is to deliver measurable, sustainable outcomes through close and business-focused collaboration with our clients. Over the last few years, we've helped major automotive, mobility and logistics clients reach the forefront of the data and digital transformation that underpins the new electric ecosystem.

Photo -
Photo -

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/movers-and-shakers-futurice-e40-names-leaders-riding-the-wave-in-evs-toughest-market-yet-302162448.html

Images

Tags

More Like This

Cell intel and applied AI: Futurice Electric 40 report reveals the innovators shaping the UK's EV infrastructure and intelligence layer

Clean power players: Futurice Digital Energy 40 Report reveals the companies transforming the European energy game

Eurelectric: Break down data silos to accelerate e-mobility

EVs for EV-eryone: New Report Unveils the Essentials to Scale E-Mobility

Energy volatility could fast-track global EV adoption to 50% above base case, Wood Mackenzie finds

European carmakers risk falling behind as Chinese leaders gain ground in EV global race

Eurelectric: Unlock EV flexibility to save money for customers and optimise the power grid

Industry Leaders Outline the Future of Energy Independence for European Business in The Economist Panel Ahead of IFA 2026