Volta extends EV charging funding round

San Francisco based EV charging start-up Volta has announced that it has secured follow-on funding from its Series C fundraise, which was thought to have reached a conclusion earlier in the year.

The company has announced that it has raised a further US$20 million (£16m €18m), closing the funding round at the US$100 million (£81m €90m) mark.

The extra funding was provided by familiar partners for Volta, Schneider Electric Ventures, SK Innovation and Energize Ventures, companies that have invested in the EV start-up in the past.

On top of the US$20 million follow-on, Volta has also set-up a US$44 million (£36m €40m) credit facility funded by Energy Impact Partners (EIP) and CION Investments.

Energize led Volta’s original Series C funding round, which was completed in two parts, raising US$35 million (£29m €31m) in 2018.

The company, which was founded in 2010, is currently in the process of developing a free-to-use EV charging network across the United States.

Innovatively, the 500 charging kiosks that make up the network generate revenue from displaying adverts on video screens. The units, which have been placed at shopping centres and entertainment venues, are among the most frequently used EV chargers in the US.

Future plans

The money raised by the funding round is expected to be used to speed up the growth of Volta’s charger network, which is currently primarily based around San Diego, Los Angeles, San Francisco and Silicon Valley. The company also has chargers in Hawaii, Chicago, Phoenix, Dallas and Houston.

Volta is also planning to expand into new markets internationally and the company is currently in discussions with potential partners in the UK and Europe.

“What I’m looking for in five years is for Volta to be a real competitor as a fuelling business powered by different revenue streams,” Scott Mercer co-founder and CEO of Volta told inspiratia earlier in the year.

“The oil companies figured out that it was easier to sell cookies and Coca Cola at gas stations to make a viable business and we are trying to focus on how to build EV charging infrastructure with revenue streams that will keep the business profitable.”

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