US-based electric vehicle (EV) charging infrastructure provider Volta Charging completed a $35m series C round on Monday led by renewable energy project developer Invenergy’s Future Fund.
GE Ventures, power and industrial technology producer General Electric’s corporate venturing unit, also participated in the round, as did Orsted Venture, likely a subsidiary of renewable energy producer Orsted.
The investor list was filled out by Activate Capital, Nautilus Venture Partners, Idinvest Partners, Virgo Investment Group and Autotech Ventures. Both Invenergy Future Fund and Activate will get seats on Volta’s board of directors in conjunction with the round.
Founded in 2010, Volta runs charging stations spanning 50 US municipalities and plans to use the series C cash to grow that network. It targets large urban markets and secures sponsorship from partner brands to help fund the installation of the stations.
Invenergy Future Fund partner John Tough said: “Volta distils the surrounding complexity and accelerates the market by executing on consumer preferences that won’t change: free charging in premier convenient locations.
“We look forward to partnering with the broader investor group to help Volta meet what has become unabating demand for its differentiated and scalable model that brings real value to all stakeholders.”
The company has raised more than $60m in funding, it said. Three Bridges Ventures led its $4.5m series A round in 2015, which included Riverwood Capital, 500 Startups and Epic Ventures, and it added $11.5m in October 2016 according to a regulatory filing.
– Photo courtesy of Volta Charging.