ChargeLab announced the addition of $15 million in new financing to the Series A funding round, doubling funds previously raised and bringing the round’s total to $30 million. This expansion includes $10 million in new equity financing at an increased valuation and $5 million in venture debt. Plus the company’s first Series A tranche of $15 million led by King River Capital was previously announced on May 18, 2022.
As part of this funding round, ChargeLab is welcoming 2 new strategic investors: EV charging network operator Silver Comet and intelligent power management company Eaton. And both strategic investors are collaborating with ChargeLab commercially. Silver Comet plans to build a network of DC fast charging stations leveraging ChargeLab’s technology while Eaton has bundled a version of ChargeLab’s platform with its line of EV chargers in North America.
ChargeLab essentially builds software to operate and optimize electric vehicle charging equipment. And ChargeLab’s software runs at the edge and in the cloud, empowering fleets, building operators, and utilities to deploy large numbers of EV chargers and manage them as an intelligent network. Plus ChargeLab’s API-first architecture makes its platform more modular and scalable than those of its competitors. The key capabilities of the ChargeLab platform include automated monitoring of EV chargers, management of pricing and access rules, payment processing, and electrical load balancing.
This additional funding round will extend ChargeLab’s runway, enable the company to expand its engineering team, and introduce new products into the market.
KEY QUOTES:
“The EV charging industry remains nascent, making strategic partnerships essential for building a resilient ecosystem. With Eaton as an investor, we’re thrilled to be working closely with one of the world’s leading providers of EV charging hardware. We’ve also expanded our portfolio of strategic investors by welcoming Silver Comet as a shareholder.”
– Zak Lefevre, co-founder and CEO of ChargeLab
“What I’m most excited about today is the robustness and scalability of our product. Silver Comet and Eaton are incredibly sophisticated players. I’m proud that the product we’ve built met their high standards for quality and security.”
– Co-founder and CTO Ehsan Mokhtari
