- Charging network company Volta Charging announced that it raised $64 million in funding, of which $20 million is a follow-on to Series C and $44 million is a credit facility.
Volta Charging — an industry leader in developing innovative and highly-used electric vehicle charging networks — announced that it closed $20 million in a follow-on to their Series C round of funding in addition to a $44 million credit facility funded by Energy Impact Partners. This brings the total series C capital raise to $100 million.
In the past year, Volta saw its revenue triple due to a spike in demand from real estate partners seeking turnkey charging services and a jump in sponsorship revenue driven by Volta’s premium out-of-home network. And the capital will be used to accelerate the growth of the company’s network of free and advertiser-sponsored charging stations by expanding within established metropolitan areas as well as by entering into new markets.
Founded by CEO Scott Mercer and COO Chris Wendel, Volta models charging demand to identify locations where charging is most needed by the electric vehicle driving community like grocery stores, entertainment venues, and shopping centers.
“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,” said Mercer. “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.”
This has driven Volta stations to be among the most used in the industry. And Volta delivers more electric miles per dollar of capital invested than any other electric charging network in the US.
“We’re happy to lead this opportunistic follow-on investment alongside EIP and CION’s debt facility to accelerate the continued expansion of the business. Volta is a pioneer in advancing the electric vehicle market and we are excited to help catalyze the company’s growth,” added John Tough, a partner at Energize Ventures. “Our follow-on investment is a testament to our confidence in Volta’s business model and ability to scale their network, as well as our appreciation for their work in delivering more than 45 million free electric miles to EV drivers to date.”
