Loop Global, an electric vehicle (EV) charging infrastructure company, announced the completion of a $40 million Series A-1 funding round led by Fifth Wall Climate and Agility Ventures. Loop Global also raised an additional $20 million from Keystone National Group, bringing the total to $60 million.
Loop will use the funds to expand its U.S operations by continuing to provide support to all 50 U.S states and extending beyond the 15+ countries the company already supports.
“By focusing on implementing charging networks where drivers are already spending the majority of their day, we are enabling consumers to eliminate the burden of having to go out of their way to refuel and allowing them to prioritize convenience above all else,” said Dustin Cavanaugh, Co-Founder, and CEO of Loop.
According to Loop, it has sold over 7,000 charging stations worldwide through its Network Partner Program, which consists of over 100 resellers and distributors that make up a combined network of over 750 electrical contractors.
With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high. Loop is trying to help by providing a suite of affordable EV charging products that offer ready-made solutions for passive charging at home, work, and on the go.
“The net zero transition is real, and it’s already in progress. Governments, businesses, and consumers around the world are spending to make greener choices, including on electric vehicles,” said Henadi Al-Saleh, Agility Chairperson. “But to achieve scale, we need to take an ecosystem view. It’s not anyone green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption. That’s what we like about Loop; it helps reduce the barriers to cleaner transport for more people.”
Last Month, Monta, an EV charging management platform, secured €30 million (~$30 million) at a €155 million (~$155 million) valuation as a part of the Series A+ funding round led by Energize Ventures with participation from returning investors Creandum, Pale Blue Dot, byFounders, and Headline.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding in Smart Grid companies in 1H 2022 was 58% higher with $731 million compared to the $463 million raised in 1H 2021.