Volta Charging Raises $64 Million in New Funding
September 10, 2019
Energize Ventures is thrilled to announce our continued support and follow-on investment in Volta Charging, the industry leader in developing innovative and highly utilized electric vehicle charging networks. Today, Volta closed a $20 million follow-on to their Series C funding round, in addition to a $44 million credit facility funded by Energy Impact Partners (EIP) and CION Investments in August 2019. This, combined with the initial $35 million raised last year, brings the total Series C capital raised to $100 million. Energize is proud to join Schneider Electric Ventures and SK E&S Co. Ltd, along with several existing partners, in this follow-on round.
Why Now: EV Growth Fuels Demand for Charging Infrastructure
A recent study published in the International Council on Clean Transportation reports that deployment of electric vehicle (EV) charging infrastructure needs to increase by 20 percent per year to serve the expected 3 million electric vehicles that will be on roads by 2025. The rapid growth of electric vehicle adoption is driving companies at the intersection of mobility and electrification to find innovative ways to scale and meet the demands of their growing customer base.
With its offering of free, advertiser-sponsored charging stations, Volta is well-positioned to build out its economically viable charging network and help facilitate the transportation industry’s transition from gas to electric vehicles.
Volta’s unique business model gives it a competitive edge that is already garnering tangible results: Over the last year, the company has tripled its revenue, due to increased demand among real estate partners seeking turnkey charging services and a surge in sponsorships driven by Volta’s premium out-of-home advertising network.
The company has emerged as a true pioneer in the EV charging space, delivering more than 45 million free electric miles to EV drivers across the country to date. We are in full support of Volta’s mission to advance electric transportation, and we’re excited to help catalyze the company’s growth as it expands in both established and new markets.
A Relentlessly Passionate and Energetic Team
Since our initial investment in early 2018, we’ve been privileged to support and work alongside the Volta team, led by the cofounders, CEO Scott Mercer and COO Chris Wendel. The team has great respect for each of the company’s constituents: EV drivers, advertisers and site hosts. Balancing these relationships to deliver the highest ROI charging network propels Volta to mainstream permeance over the next decade. To take on incumbent and fueling infrastructure requires immense creativity, and the entire leadership team at Volta brings a value creation mindset and relentless energy to achieve these aspirations. As a result of this passion, Volta’s mission yields an incredibly rewarding work environment and witnessing the team ethos as the company has scaled is a testament to the culture that leadership has instilled. Check out their careers page here.
What’s Next: Rethinking the Electric Mobility Movement
The EV industry is experiencing unprecedented momentum; however, with more EV drivers on the road than ever before, there is a heightened demand to fill the gap in viable charging infrastructure to accommodate them.
With this most recent round of funding, Volta is poised to scale rapidly to meet the growing demands of drivers, real estate partners and sponsors. Upcoming announcements of initiatives enabled by this capital will demonstrate how Volta is rethinking powering the electric mobility movement, and Team Energize is charged up to be a part of the journey.