The European Investment Bank (EIB) and technology company The Mobility House have signed a €15m agreement to promote the integration of electric vehicles into the energy markets.

The loan will allow The Mobility House to proceed with the research and development (R&D) for its intelligent Charging and Energy Management system ChargePilot.

This will economically support the rollout of electric vehicles, along with their optimised integration into the European power grid.

Funded under the EU’s current research and innovation programme Horizon 2020, the InnovFin Energy Demonstration Project facility is supporting the transaction.

Bidirectional charging, also known as vehicle-to-grid (V2G), can drive energy transition, allowing faster market penetration of renewable energies and electric vehicles.

Leveraging cars’ parked position, V2G intelligently connects electric cars to the power grid to provide various grid-stabilising services.

The Mobility House’s ChargePilot enables smart charging and discharging of electric vehicles as per the grid’s needs.

EIB innovation vice-president Ambroise Fayolle said: “Whilst e-mobility alone will not stop climate change, it is a powerful tool to help us limit the rise in global temperatures to sustainable levels.

“The Mobility House has devised a technology with significant potential to make electric mobility more attractive and expand the use of renewable energies.

“As Europe’s climate bank, the EIB aims to support breakthrough ideas in the field, and we are glad to support a company with a zero-emission vision and the right tools at hand to turn it into reality.”

Funding will support activities in Germany, France, the Netherlands and other European countries.

The move promotes renewable energy by allowing electric vehicles for use as energy storage in the power grid.

In July, EIB teamed up with Endesa to support electric mobility in Spain.