EnviroSpark, a provider of electric vehicle (EV) charging solutions, has announced the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times.
The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
The funding round was led by Ultra Capital, an independent investment firm that funds businesses focused on sustainable infrastructure and energy transition.
Additional investors include Frank Blake, Former Chairman and Chief Executive Officer at The Home Depot; Tim Tassopoulos, President and Chief Operating Officer of Chick-fil-A, Inc.; Mark Bonfigli, Founder and Former CEO of Dealer.com; Dave Stockert, Former President and Chief Executive Officer of Post Properties and Paul Bowers, Former Chairman, President, and CEO of Georgia Power.
EnviroSpark partners with property owners, utilities, non-profits, and governments to provide turnkey design, installation, and operation of EV charging solutions. The company aims to further expand its footprint of 5,800 chargers installed across the U.S. and Canada.
“Given the U.S. economy’s focus on the clean energy transition and EnviroSpark’s focus on top-notch operations and service, they are poised for success,” said Bowers. “EnviroSpark served as Georgia Power’s preferred partner during my tenure, and I’m confident they will continue to deliver for GPC and all the utilities they serve.”
EnviroSpark was recently awarded a federal government contract to design and install EV charging stations at federal agency locations throughout the Southeastern region of the U.S. The $500 million contract came from the General Services Administration (GSA).
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding in Smart Grid companies in 9M 2022 was 162% higher, with a record $2.5 billion raised compared to the $936 million in 9M 2021.
Last Month, The Mobility House, a provider of EV charging and energy management solutions, announced it had raised $50 million in a Series C Funding round led by Mercuria and co-led by Ventura Capital and Green Gateway Fund.