SWTCH Energy, a company developing electric vehicle (EV) charging solutions for multi-tenant buildings across North America, announced that it raised $27.2 million in Series B funding. Blue Earth Capital led the funding round on behalf of its investment vehicles, with participation from Alantra’s Energy Transition Fund, Klima.
The Series B investors also include Active Impact Investments and GIGA Investments Corp. This new funding round will enable the company to accelerate charging in multi-tenant buildings, following a tenfold increase in its charging network since its Series A, and advance its innovative EV charging and integrated energy management solutions for real estate customers.
SWTCH is addressing the massive demand for multifamily EV charging as EV sales hit an inflection point and governments amend building codes and zoning ordinances requiring EV-ready properties. SWTCH’s turnkey EV charging solutions tackle the main deployment challenges for new and aging multifamily buildings, from upfront costs and limited electrical capacity to charger reliability.
The company’s energy management solution SWTCH Control provides unmatched visibility into building electrical loads and available capacity for EV charging. And it enables building owners to install and manage 10 times more EV chargers with existing electrical infrastructure, future-proofing properties while avoiding costly upgrades.
With this funding round, SWTCH utilizes AI/ML to advance SWTCH Control and its other market-leading EV charging solutions. And the company is also expanding integrations with industry-leading software solutions to create a seamless experience for property managers and tenants who drive EVs.
KEY QUOTES:
“Today, a third of Americans live in multifamily buildings, largely without home charging access. As right-to-charge laws and energy efficiency mandates continue to gain traction, SWTCH is in a unique position to help real estate customers close this gap. We’re always looking for ways to push our solutions forward to make EV charging a no-brainer. With this new capital, we will scale our EV charging solutions to ensure no building, and no driver, is left behind in the EV future.”
– SWTCH CEO Carter Li
“As a mission-driven, global investment firm with a strategy of scaling companies addressing climate change, Blue Earth Capital is proud to invest in SWTCH’s work to expand EV charging access. We’re pleased to see SWTCH’s innovative deployments and technological leadership to date, and are excited to partner with the company to support their pivotal growth stage. Electrification and supporting the energy transition is a key investment theme for our climate growth strategy, and an important component of this is the continued expansion of EV infrastructure. The multifamily space served by SWTCH offers a valuable market opportunity to grow our clean energy economy.”
– Kayode Akinola, Head of Private Equity at Blue Earth Capital
“We think the multifamily housing market in North America is under-served with EV charging infrastructure. SWTCH’s capital efficient, building integrated model is the best we have seen in this space. We are proud to support SWTCH’s expansion, so it can make EV charging a better experience for drivers and property managers.”
– Manuel Alamillo, Partner at Alantra’s Energy Transition Fund, Klima
