EnviroSpark, a provider of electric vehicle (EV) charging solutions, secured a $50 million investment from funds that will help the company expand its EV charging landscape, which is owned and operated across the U.S.
The funding round was advised by Basalt Infrastructure Partners, a U.S.-based equity investment firm focusing on investments in Europe and North America.
“Securing this substantial funding milestone marks a pivotal moment for EnviroSpark,” said Aaron Luque, co-founder, and CEO of the Company. “With strategic support from Basalt, we are poised to accelerate our mission of fostering sustainable transportation solutions. This investment not only fuels our expansion efforts but also reinforces our commitment to making electric mobility accessible and convenient for all.”
According to the company, it has installed over 8,200 charging plugs across North America. In addition to existing partners like Tesla, Volkswagen, Volta (recently acquired by Shell), and Starwood Capital Group, the company has also recently had partnerships with RaceTrac, Waffle House, IHG Hotels & Resorts, Ford Dealerships, Hunt, and Asset Living. The company has also partnered with the U.S. Federal Government through the General Services Administration.
Earlier in 2022, the company announced the completion of a $10 million funding round to expand its services and nearly quadruple its workforce. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
According to Mercom’s Q1 2024 Funding and M&A report for Storage & Smart Grid, Smart Grid VC funding increased 134% in Q1 2024, with $656 million raised in 12 deals compared to $280 million in 14 deals in Q1 2023. In a QoQ comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.
