Synop looks to solve pressing EV fleet management problem: energy price volatility

One of the biggest challenges companies and governments face transitioning their vehicle fleets from gasoline to electric is energy price volatility, especially as it relates to at-home charging, which many employees choose whether they’re driving a compact company car or a commercial vehicle. 

Not only can electricity costs vary greatly in terms of location, they’re also further complicated by time of use pricing, when electricity costs increase during peak demand hours.

As a result, a fleet owner trying to establish a standardized reimbursement rate runs the risk of either overpaying or underpaying EV drivers. So how does a fleet owner account for fluctuating rates across multiple vehicles and employees charging at home? 

Synop, a New York City-based company that’s created an enterprise platform for managing commercial EV fleets, is answering this question by introducing a new tool that makes charging reimbursement automatic and compliant.  

“I’m thrilled to announce the launch of our latest innovation, the EV Fleet Home Charging Reimbursement Tool,” wrote Synop’s Chief Commercial Officer Mark Braby on social media. “With this solution, Synop aims to further simplify EV fleet management, ensure precision in take-home fleet reimbursement that’s simple for both employers and employees, and continue with our efforts to support sustainable mobility.” 

The Take Home Fleet Reimbursement Tool addresses some of the most complex issues that arise from fleet charging. 

It can apply varying rates based on exactly when a vehicle was charged. So if a vehicle starts charging at the tail end of peak demand and finishes charging at a lower cost, Synop’s platform automatically applies the correct rates – ensuring drivers receive precise payouts, according to a statement from the company. 

The new tool also makes tracking employees’ charging times less invasive and more streamlined by using data agnostic software that can connect to the vehicle itself, rather than the employee’s home network. 

And Synop’s platform integrates with most accounting and expense management software, making reimbursement for charging fast and easy. 

Late last year, the company launched the “Works with Synop™” platform, which offers its customers seamless compatibility between hardware and software for EVs, as well as their own EV charging lab in Brooklyn, New York.

Disclosure: This article mentions a client of an Espacio portfolio company.