Treehouse, a home EV charging solutions provider, has secured $10 million in funding. The funding round was led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures.
The funding will be utilized to expand the company’s installation-as-a-service offering to more than 30 states in the next 12 months.
“Decarbonizing homes is an urgent task, with over 1 billion machines needing to be replaced or upgraded on the path to decarbonizing US homes in the next 15 years,” said Eric Owski, CEO and Co-Founder of Treehouse. “This funding round will allow us to rapidly expand our geographic footprint and solve core technical problems that have been barriers to scale in this industry until now.”
The Edison Electric Institute projects that 26.4 million electric vehicles will be on U.S. roads in 2030, meaning that EVs will make up nearly 10% of the 259 million cars and light trucks on the road in less than eight years.
Treehouse’s pricing technology allows EV buyers to receive an instant quote for home charging installation at the point of sale in auto retail locations or via API while applying for vehicle financing. Instant pricing allows home charging to be integrated directly into the vehicle loan, reducing barriers to affordability for home charging.
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.
Recently, ev.energy, a provider of EV charging software solutions, raised $33 million in Series B funding, bringing the total capital raised by the company to $46 million. This funding round will enable ev.energy to expand its global operations.