SWTCH Energy Inc. has secured $13 million in new funding to extend its electric vehicle (EV) charging options to multi-family structures across North America. This is with a concentration on assisting market-rate and LMI (low-to-moderate income) communities in their shift to electrified mobility.
A $10 million Series A investment headed by Aligned Climate Capital’s venture capital division as well as a $3 million credit line from Silicon Valley Bank are among the new funds.
Pacific Reach, Active Impact Investments, Landmark Management Inc., and Elemental Energy, IBI Group, are among the other Series A investors.
SWTCH offers Electric Vehicle charging as well as energy management alternatives for multi-family buildings of all types, addressing the unique difficulties of EV ownership. SWTCH’s innovative approach to both EV charging as well as energy management eliminates the financial and technological hurdles to EV ownership by deploying economical, software-based energy management systems to multi-family buildings where upgrading electrical infrastructure hardware may be prohibitively costly.
SWTCH’s charging-as-a-service approach also lowers the cost of offering equality of access to Electric Vehicle charging infrastructure by including clean fuel standard rebates, charging infrastructure subsidies, and ancillary service market involvement as portion of the core providence, which removes upfront expenditures and lowers the operational expenses of EV charging management.
SWTCH’s purpose is to “realize the social, economic, & environmental benefits of mainstream EV adoption,” according to Carter Li, the organization’s CEO. “We know that over 80% of EV charging takes place at home and that multi-family housing accounts for 30% of all residences in North America, thus enhancing access to EV charging networks in multi-family buildings is crucial to enable widespread EV adoption.
SWTCH strongly believes in delivering equitable, convenient, and inexpensive charging access at home, where individuals need it the most, with over 75% of our charging stations presently deployed in multi-family buildings. This current round of funding will help us expand our presence in these areas by allowing us to support more charging-as-a-service initiatives in low- and moderate-income areas across North America.”
“With increasing gas prices, an increasing number of Americans are considering buying electric vehicles. However, this means that additional charging infrastructure is required, and it must be located in areas where people reside, according to Peter Davidson, Aligned Climate Capital CEO. “We’re proud to be a part of a firm that makes things simpler for individuals to switch to electric, save money, and help the environment.”
SVB Canada’s Managing Director, Graeme Millen, said, “SVB is thrilled to assist SWTCH as they increase EV charger installations in the crucial multi-family building category. Providing creative financing to enable SWTCH’s Charging-as-a-Service model is in line with our dedication to the Climate Tech and Sustainability sector, assisting firms and founders in developing and expanding game-changing technologies.”