itselectric, a curbside electric vehicle charging provider in Brooklyn, secured $2.2 million in Seed funding.
Brooklyn Bridge Ventures led the investment round with participation from The Helm, XFactor, Graham & Walker, Clean Energy Venture Group, and Pericles. The funding will be used to install the company’s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.
The U.S. Department of Energy estimates that by 2030, 15 million electric vehicles will be on the road. And they will require more than 600,000 Level 2 charging stations.
The U.S. government recently announced a plan to invest $7.5 billion in electric vehicle charging infrastructure and set new standards for the national EV charging network, making charging accessible in urban areas and enabling the shift to clean transportation.
“At least 40 million U.S. drivers park their cars on the public streets, and municipalities are looking for solutions that will help these drivers go electric,” said Nathan King, CEO and co-founder,
“itselectric has taken a complicated problem and created a simple, deliberately designed solution that truly changes the EV charging game and one that will make charging more accessible to a broader population of drivers,” said Natalya Bailey, Investment Partner at XFactor Ventures.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion raised in 35 deals in 2021.
Recently, EO Charging, a British electric vehicle charging solutions company, secured $80 million in equity funding from Vortex Energy and Zouk Capital. The company focuses on charging solutions for electric cars, vans, trucks, and bus fleets, helping customers transition to zero-emission transportation at scale.