Charging infrastructure provider Loop Global has completed a $40-million Series A funding round co-led by Fifth Wall Climate and Agility Ventures, and secured $20 million in senior secured credit from Keystone National Group. Loop will use the funds to expand its US operations and to expand beyond the 15+ countries it already supports.
Loop Global offers a turnkey charging solution, including hardware, software and service-based solutions for public and private charging infrastructure in commercial, multi-family residential, fleet and municipal real estate markets.
Loop says it has sold over 7,000 charging stations worldwide through its Network Partner Program, which consists of over 100 resellers and distributors.
“The transition to electric vehicles will only move as quickly as the EV charging infrastructure that is there to support it,” said co-founder and CEO Dustin Cavanaugh. “Loop is streamlining this transition by making next-generation EV charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.”
“By focusing on implementing charging networks where drivers are already spending the majority of their day, we are enabling consumers to eliminate the burden of having to go out of their way to refuel and allowing them to prioritize convenience,” added Cavanaugh.