itselectric, a provider of electric vehicle charging solutions, secured $6.5 million in a seed funding round, bringing its funding total to $11.8 million.
This round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm.
“2023 was the hottest year on record with transportation as one of the largest contributors of U.S. greenhouse gas emissions. The decision to drive electric will make an impactful difference; however, the lack of public charging is one of the leading barriers deterring drivers from transitioning from their current gas vehicles,” said Tiya Gordon, co-founder and COO of itselectric.
The company claims that its Level-2 charging posts bypass the need for utility permits, connections, and coordination and connect behind the meter, utilizing spare electrical supplies from adjacent buildings.
The funds acquired will be used to deploy pilot EV chargers across several major U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.
The National Renewable Energy Laboratory (NREL) estimates that by 2030, 33 million EVs will be on the road, and 28 million EV charging ports will be needed to support them. Moreover, new legislation in states like California and New York mandates that rideshare drivers transition to zero-emissions vehicles, increasing the demand for EV charging solutions.
With the funding, itselectric’s curbside charging infrastructure is also expected to help support Uber’s goal of helping rideshare drivers go electric.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Storage and Grid, VC funding across all Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY than the $986 million raised in 26 deals in 1H 2023. Investments into Smart Charging companies primarily drove this.
Gireve, a French EV charging solutions provider, recently raised €20 million (~$22 million) in a fresh funding round from investor Partech through its impact fund. Existing shareholders like EDF Group, ENEDIS, the Banque des Territoires (Caisse des Dépôts), and Demeter participated in this funding round.
