Volta Charging raises another $20 million to expand ad-supported EV charging network

Volta Charging, the San Francisco-primarily based firm that combines outside digital marketing with charging stations to give electric automobile owners absolutely free energy, has added a further $20 million in a adhere to-on to its Series C round.

The firm’s Series C round is now closed at $100 million. Schneider Electric Ventures, SK Innovation, Energize Ventures and a quantity of current partners participated in the adhere to-on Series C round. Volta Charging also borrowed $44 million from Power Influence Partners and CION.

Volta raised $35 million in 2018 in a round led by the Invenergy Future Fund, the technologies investment arm of renewable power project developer Invenergy, and Activate Capital.

Volta, which launched in 2010, partners with enterprises and actual estate owners to set up EV chargers in higher-targeted traffic places such as grocery shops, entertainment venues and buying centers. Alternatively of charging EV owners, the energy is offered for absolutely free. Volta tends to make cash on the outside marketing that is a centerpiece of the charger style.

A lot more than 45 million absolutely free electric miles have been offered to EV drivers to date, the firm mentioned.

The firm’s initially charging stations popped up in Hawaii. Considering the fact that then, Volta has expanded to San Diego, Los Angeles, San Francisco and Silicon Valley in California as properly as Chicago and its suburbs, Phoenix, and Dallas and Houston.

The funds will be applied to expand the firm’s network of absolutely free, advertiser sponsored charging stations. Volta is focused on adding extra chargers to cities exactly where it currently has a presence as properly as moving into new markets.

“As the electric vehicle industry continues to grow, Volta is well-positioned to build out an economically viable charging network needed to facilitate the shift from gas to electric,” Volta CEO and founder mentioned Scott Mercer mentioned in a statement. “We continue to rapidly scale our business to meet the growing demands of drivers, real estate partners and sponsors. This capital injection will accelerate our mission of mainstreaming electric vehicles.”