Toronto-based SWTCH Energy announced it has raised $27.2 million in new funding to enable the acceleration of EV charging infrastructure in multi-residential buildings. This is the second round of funding secured by the company following a tenfold increase in its charging network.
The ‘Series B’ funding was led by Blue Earth Capital on behalf of its investment vehicles with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp.
With the new funding, SWTCH is leveraging machine learning and artificial intelligence to advance its energy management solution, SWTCH Control, and expand integrations with industry-leading software to create “a seamless experience” for both property managers and tenants who drive EVs.
“Today, a third of Americans live in multifamily buildings, largely without home charging access,” said CEO Carter Li. “As right-to-charge laws and energy efficiency mandates continue to gain traction, SWTCH is in a unique position to help real estate customers close this gap. We’re always looking for ways to push our solutions forward to make EV charging a no-brainer. With this new capital, we will scale our EV charging solutions to ensure no building, and no driver, is left behind in the EV future.”
With EV sales expected to rise dramatically in the coming years, governments are busy amending building codes and zoning ordinances to require properties to be EV-ready. SWTCH, a pioneer of EV charging solutions for multifamily, commercial, and workplace properties across North America, has been an important part of this mission to bring the technology to market.
According to Kayode Akinola, Head of Private Equity at Blue Earth Capital: “We’re pleased to see SWTCH’s innovative deployments and technological leadership to date, and are excited to partner with the company to support their pivotal growth stage. Electrification and supporting the energy transition is a key investment theme for our climate growth strategy, and an important component of this is the continued expansion of EV infrastructure. The multifamily space served by SWTCH offers a valuable market opportunity to grow our clean energy economy.”
For more info, visit: SWTCH EV Charging Solutions (swtchenergy.com)
