SK E&S, Invenergy and Schneider Electric helpeed add $20m to the latest round for EV charging network Volta Charging, which includes a $44m debt facility.
US-based electric vehicle (EV) charging point operator Volta Charging has raised $20m from investors including corporates SK E&S, Invenergy and Schneider Electric to take its series C round to $100m.
Energy industry services provider SK E&S took part in the extension along with Schneider Electric Ventures and Energize Ventures, corporate venturing vehicles for industrial equipment producer Schneider Electric and power producer Invenergy, as well as unnamed existing investors.
Energize led the round’s $35m first close in July 2018 with participation from GE Ventures and Ørsted Ventures, respective subsidiaries of industrial technology group General Electric and wind farm developer Ørsted, as well as Activate Capital, Nautilus Venture Partners, Idinvest, Virgo Investment Group and Autotech Ventures.
The series C round also includes $44m in debt financing from asset management fund Energy Income Partners and alternative investment manager Cion Investments that was secured last month.
Founded in 2010, Volta installs and maintains free-to-use charging points for EVs that are funded by sponsors in return for advertising space on the system’s display.
The company looks to build in areas popular with EV drivers, often selecting spaces near amenities as grocery stores, entertainment venues and shopping centres, where footfall is likely to be high.
Volta has now raised a total of approximately $116m in debt and equity financing. Three Bridge Ventures led its $4.5m series A round in 2015 with contributions from Riverwood Capital, 500 Startups and Epic Ventures, before it added $11.5m from undisclosed investors the following year.
Scott Mercer, founder and chief executive of Volta, said: “As the electric vehicle industry continues to grow, Volta is well-positioned to build out an economically viable charging network needed to facilitate the shift from gas to electric.
“We continue to rapidly scale our business to meet the growing demands of drivers, real estate partners and sponsors. This capital injection will accelerate our mission of mainstreaming electric vehicles.”
– Image courtesy of Volta Charging.