Charging network operator Volta Industries has closed a $4.5 million Series A capital round and a $3 million project financing facility, giving it the means to expand its current network of 100 public charging stations in California, Arizona and Hawaii. Volta has introduced what it calls a “community engagement model,” in which socially responsible brands underwrite free charging, and place ads on the chargers.
“Our goal is to re-invent the model for community engagement by matching their needs for services like free electric car charging with brands and retail locations that believe in sustainability, for example,” said Volta CEO Scott Mercer. “We’re driving the price of both the service and the infrastructure to zero as we tap major brands to join our community engagement model. We’ve seen early success with companies like Macy’s, Whole Foods Market, and Sungevity, and we expect that list to expand as we grow.”
“As a leading solar service provider and social enterprise power company, Sungevity’s values align well with Volta’s vision, making it an easy choice that allows us to promote a sustainable lifestyle while also connecting with consumers,” said Liz Ludwig, Senior VP at Sungevity. “We believe in Volta’s mission to make living sustainably easier, and are proud to be a part of the shift to increase EV adoption.”
“Early Internet pioneers like Google became industry titans by first offering free consumer services online paid for by companies that advertised on their platforms,” Mercer said. “With Volta, we’re applying a similar business model to infrastructure to align social good and community services with like-minded brands and retail partners that want deeper engagement with the communities that they operate in.”
Source: Volta Industries