SWTCH Energy, an end-to-end solutions provider for electric vehicle (EV) charging and energy management, streamline charging, has closed $13 million in new financing to expand its EV charging solutions across North America.
The new capital includes a $10 million Series A round led by the venture capital arm of Aligned Climate Capital and a $3 million credit facility from Silicon Valley Bank.
Additional Series A investors include Landmark Management, Elemental Energy, IBI Group, Active Impact Investments, and Pacific Reach.
The company provides EV charging and energy management solutions that deliver the challenges of EV ownership in multi-family buildings of all kinds.
The company’s charging-as-a-service model reduces the financial barriers to providing reasonable access to EV charging infrastructure, which removes the upfront costs and reduces the operational costs of EV charging management by integrating clean fuel standard credits, charging infrastructure incentives, and ancillary service market participation as part of the core offering.
“With rising gas prices, more and more Americans are looking to purchase electric vehicles. But that means we need more charging infrastructure, and we need it where people live,” said Peter Davidson, CEO of Aligned Climate Capital.
By the end of 2022, the company expects to manage 5,000 charging ports in over 900 locations in all 50 U.S. states and 10 Canadian provinces, of which over 50% will be in low-to-moderate income multi-family buildings.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, total corporate funding (including VC, Debt, and Public Market Financing) in Battery Energy Storage came to $12.9 billion in 26 deals compared to $4 billion in 27 deals in Q4 2021. Funding significantly increased YoY compared to $4.7 billion in 18 deals in Q1 2021.