EV charging data software startup Stable raises $7M
Stable, a software startup that evaluates potential EV charging sites, raised $7 million in Series A funding, the company tells Axios.
Why it matters: EV charging sites have become the "next gold rush," Stable co-founder Rohan Puri says.
Details: Congruent Ventures led the Series A round and received a board seat as part of the deal. Homecoming Capital and Ironspring Ventures also participated in the round, which comes with an undisclosed valuation, Puri says.
How it works: Stable uses proprietary, on-the-ground data from active charging stations combined with other factors to determine what the potential ROI may be for a prospective location.
- It looks at factors such as utility costs, EV ownership rates locally, distance between charging sites, and what it will take for the investor to break even on the site.
- It currently only evaluates DC fast chargers, but hopes to expand its capabilities to incorporate other types of charging infrastructure, Puri says.
State of play: Building out charging infrastructure is among the key areas of focus in the Inflation Reduction Act given the massive amounts of capital required to get a reliable nationwide network up and running.
- Stable says its software takes some of the guesswork out of that calculation for investors or site owner-operators by effectively ranking site locations based on how fast they will return investment.
The bottom line: Investor conviction — especially when rooted in real-world data — is worth a lot when other factors like EV costs and consumer hesitancy still remain.