$44M for EV charging player will expand access
Volta Charging, which provides free electric vehicle charging stations supported by advertising, said Tuesday that the investment firm Energy Impact Partners is providing a $44 million loan to support expansion of the network.
Why it matters: Expansion of charging is one of the keys to expanding EV market penetration. More charging availability helps give consumers confidence in the technology, which now accounts for just a tiny slice of U.S. vehicle sales.
Background: San Francisco-based Volta was founded in 2010 and says it's now the nation's largest free charging network, with over 700 stations in 10 states. Retail partners include Whole Foods and Macy's.
- Today's announcement comes roughly a year after Volta closed a $35 million Series C funding round.
What they're saying: “Volta creates opportunities for brands to connect with their audience, while reducing ‘range anxiety’ and fitting an unmet need for EV drivers—free of charge," Energy Impact Partners managing partner Harry Giovani said in a statement.
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