EV Connect, a US-based electric vehicle (EV) charging infrastructure provider, has raised $12m in its series B round led by Japan-based conglomerate Mitsui.
Other investors in the B round included Ecosystem Integrity Fund(EIF) and brings the total capital raised by EV Connect to more than $25m, with more than 6,000 connectors under contract. In July last year, EIF, with participation by Montage Capital and existing investors, led an $8m round for EV Connect. This had followed a $2.7m equity round in November 2015 led by Olympic Investors and including Double M Partners, 37 Technology Investors and Sustainable America.
In addition to taking an equity position in EV Connect, Mitsui has a commercial agreement to develop new business models around EV charging infrastructure.
Kazumasa Nakai, chief operating officer of infrastructure projects at Mitsui, said: “EV Connect’s infrastructure management technology accelerates the electric vehicle revolution in the energy and power industry where Mitsui has many assets and access to partners.
“Our unique engineering capabilities, in conjunction with EV Connect’s cloud-based EV infrastructure, will enable us to develop new business models to solve the challenges EV infrastructure currently pose for energy management companies.”
