Volta, the US-based operator of an electric vehicle (EV) charging network, raised $125m on Tuesday in a series D round featuring Energize Ventures, the investment arm of power producer Invenergy.
The company did not disclose the identity of the other participants but described Energize Ventures as a major investor in the round. Goldman Sachs was placement agent on the transaction.
Founded in 2010, Volta has built a network of EV charging systems that spans 23 US states and features paid advertising. The chargers are placed in front of businesses such as hospitals or grocery stores and are free to use.
Volta said the round took its total equity funding to more than $200m. It comes after a $55m series C round closed in 2019 that included Energize Ventures, wind project developer Ørsted, energy and chemicals group SK E&S and Schneider Electric Ventures, part of energy equipment maker Schneider Electric.
The round included GE Ventures, the now shuttered investment arm of power and industrial technology group General Electric, Activate Capital, Nautilus Venture Partners, Idinvest, Virgo Investment Group and Autotech Ventures and was closed with $44m in debt financing from Energy Income Partners and Cion Investments.
The company’s earlier investors include Three Bridge Ventures, Riverwood Capital, 500 Startups and Epic Ventures.
Energize Ventures managing partner John Tough said: “Since our initial investment in Volta in 2018, excitement and interest in electrification – and specifically solving for public charging solutions – has continued to gain momentum.
“Our conviction in this team has similarly grown, and we believe Volta is poised to lead this market as the most capital-efficient and highly utilised EV charging network in the country.”
Photo courtesy of Volta.
