SWTCH Energy, a company pioneering electric vehicle (EV) charging solutions for multi-tenant buildings across North America, announced that it raised $27.2 million in Series B funding. The round was led by Blue Earth Capital, a specialist global impact investor, on behalf of its investment vehicles with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp.
This new funding will enable SWTCH to accelerate charging in multi-tenant buildings, following a tenfold increase in the company’s charging network since its Series A, and advance its innovative EV charging and integrated energy management solutions for real-estate customers.
SWTCH is meeting the large demand for multi-family EV charging as vehicle sales hit an inflection point and governments amend building codes and zoning ordinances to require properties to be EV-ready. The company’s turnkey EV charging solutions tackle the main deployment challenges for new and aging multi-family buildings from upfront costs and limited electrical capacity to charger reliability.
For example, its energy management solution, SWTCH Control, provides unmatched visibility into building electrical loads and available capacity for EV charging. It allows building owners to install and manage ten times more EV chargers with existing electrical infrastructure, future-proofing properties while avoiding costly upgrades.
With this raise, SWTCH is leveraging machine learning and artificial intelligence to advance SWTCH Control and its other EV charging solutions. The company is also expanding integrations with industry-leading software solutions to create a seamless experience for both property managers and tenants who drive EVs.
“Today, a third of Americans live in multi-family 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,” says SWTCH CEO, Carter Li. “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.”
“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,” added Manuel Alamillo, partner at Alantra’s Energy Transition Fund, Klima. “We are proud to support SWTCH’s expansion, so it can make EV charging a better experience for drivers and property managers.”
Filed Under: Charging, Technology News