SWTCH Energy, an electric vehicle (EV) charging and energy management solution provider, has closed $27.2 million in Series B funding led by Blue Earth Capital with participation from Alantra’s Energy Transition Fund, Klima.
Additional Series B investors include Active Impact Investments and GIGA Investments Corp. The funding will help the company accelerate the expansion of EV charging solutions in multi-tenant buildings and energy management solutions for real estate customers.
“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.” says SWITCH CEO Carter Li.
The funds will also help the company leverage machine learning and artificial intelligence to advance SWTCH Control and other EV charging solutions and integrate software solutions for property managers and tenants who drive EVs.
“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,” says Manuel Alamillo, Partner at Alantra’s Energy Transition Fund, Klima.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in the Smart Grid sector decreased 55% YoY, with $1.5 billion in 47 deals in 2023 compared to $3.3 billion in 46 deals in 2022.
Recently, Enapi, a provider of EV charging solutions, announced the closing of its €2.5 million (~$2.7 million) pre-seed funding round provided by Project A Ventures, Seedcamp, and HelloWorld.
