Brooklyn-based EV curbside charging company itselectric announced it has secured a $6.5M investment to support deployments across seven cities in the U.S. this year, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco.
The funding effort was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. The company’s total funding now stands at $11.8M.
The funding will also help support Uber’s goal of helping rideshare drivers go electric.
The Office of Energy Efficiency and Renewable Energy predicts the U.S. will need 28 million EV charging ports to support over 30 million EV drivers by 2030. Additionally, states like California and New York are mandating rideshare drivers transition to EVs by 2030, underscoring the need for convenient and affordable curbside charging solutions.
itselectric’s Level-2 charging posts connect behind-the-meter to utilize spare electricity from adjacent buildings, thereby eliminating the need for utility permitting, connection, and coordination. This strategy allows its chargers to be installed at no cost to property owners or cities.
Itselectric shares revenue earned at each charger with the property owners, which in turn advances clean transportation infrastructure and economic benefits to the community.
“2023 was the hottest year on record with transportation as one of the largest contributors of U.S. greenhouse gas emissions. The decision to drive electric will make an impactful difference; however the lack of public charging is one of the leading barriers deterring drivers from making the transition from their current gas vehicles,” said Tiya Gordon, co-founder and COO of itselectric, in a statement. “At itselectric, our mission is to make charging easy, convenient, and affordable not only for drivers, but for cities, providing the pathway for everyone to go electric.”
Learn more here.