San Francisco-based charging network operator Volta Charging has raised $125 million in a Series D financing round. The new funding brings the company’s total equity financing to over $200 million. Volta will use the new capital to increase its investment in product, engineering and network infrastructure, and to begin its international expansion.
Volta’s charging stations are located in over 200 municipalities in 23 states. Most are located in front of businesses such as grocery stores, pharmacies, banks and hospitals.
The rapidly-developing charging industry is exploring various different business models. Volta embraces the concept of using public charging stations as a new marketing medium.
Volta’s charging stations feature 55-inch video screens that can be used to display ads and other content. The company proposes that charging stations at shopping locations could use the screens as “a sophisticated media platform providing brands a way to reach millions of shoppers seconds before they enter the store to make a purchase.”
“The electrification of mobility is one of the largest infrastructural shifts of our generation, and Volta’s charging network is ready to anchor the accompanying consumer behavior that will change along with it,” said Volta founder and CEO Scott Mercer. “Businesses anticipating this shift can take advantage of a revenue transfer from gas stations to retail locations in the community where consumers go, live, shop and play.”
“Volta is accelerating the future of infrastructure as a catalyst with its unique business model that brings a differentiated value proposition to our real estate and retail partners,” said co-founder and President Chris Wendel. “By bringing charging stations to essential businesses, our end user will increase their dwell time, engagement and spend.”