The raise was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund and The Helm. The curbside charging infrastructure will also help support Uber’s goal of helping rideshare drivers go electric.
EV sales in the US have quadrupled over the past four years, with more than four million EVs on the road. Additionally, charging ports are up 70 percent, with an estimated 170,000 publicly available chargers across the country. However, as of March 2024, the Office of Energy Efficiency and Renewable Energy predicts the US will need 28 million EV charging ports to support over 30 million EV drivers by 2030. Moreover, new legislation in states like California and New York mandates that rideshare drivers transition to electric vehicles by 2030, underscoring the need for convenient and affordable curbside charging solutions.
“2023 was the hottest year on record with transportation as one of the largest contributors of US greenhouse gas emissions” said Tiya Gordon, co-founder and COO of itselectric. “The decision to drive electric will make an impactful difference; however the lack of public charging is one of the leading barriers deterring drivers from making the transition from their current gas vehicles. At itselectric, our mission is to make charging easy, convenient, and affordable not only for drivers, but for cities, providing the pathway for everyone to go electric.”
itselectric’s Level-2 charging posts eliminate the need for utility permitting, connection and coordination by connecting behind-the-meter to draw spare electrical supply from adjacent buildings. This allows them to be installed at zero cost to property owners or cities. itselectric then shares revenue earned at each charger with the property owners, bringing both clean transportation infrastructure and economic benefits to all communities. Additionally, itselectric offers the only UL-certified detachable cable EV charger, reflecting the company’s commitment to customer experience and innovation, with a focus on safety and product quality.
“itselectric has designed an innovative public charging solution that addresses the infrastructural barriers that cities face in the deployment of electric vehicle curbside charging” added Topias Soininen, general partner at Failup Ventures. “Their thoughtfully designed chargers are a highly scalable solution that will rapidly bring curbside charging to the millions of city drivers who park on the street and contribute to the nationwide adoption of electric vehicles.”
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