Loop Global, an El Segundo based electric vehicle charging infrastructure company, has announced the completion of a $40 million series A-1 funding round.
The round was co-led by Fifth Wall Climate and Agility Ventures, the corporate venture arm of Agility. Keystone National Group has also been said to have provided Loop with an additional $20 million credit facility, bringing the total funding to $60 million. These funds will be used to expand its U.S operations.
“We have a lot of plans to enter new markets as well as to continue to develop cutting-edge hardware and software products,” said Dustin Cavanaugh, co-founder and chief executive of Loop.
“We always want to stay ahead of our competition, and then we also plan to utilise the capital for supplementing our existing manufacturing capabilities, as well as potentially some strategic acquisitions that we know will continue to help us round out our comprehensive solution for our customers.”
“It’s no secret that electric vehicles are the future of the transportation sector,” said Peter Gajdoš, Fifth Wall partner and co-lead of its climate team.
“Loop’s vision is to completely transform the delivery of turnkey EV charging networks through an end-to-end, cost-effective solution which enables property owners to passively offer EV charging services to their tenants, employees or customers.”
The need for reliable and affordable EV charging infrastructure is rising, as the number of electric vehicles on the road is increasing rapidly. EV charging companies, such as Loop, are now under huge pressure to offer cost-effective solutions for everyone.
“We recognized that over the next 10 years there’s going to be a mass migration from gas-powered vehicles to battery electric vehicles, but ultimately, the biggest challenge that’s going to face widespread adoption is going to be access to affordable and community charging,” Cavanaugh said.
“Basically, they want to ditch the gas station model where they have to go out of their way to fuel and would rather do it while they’re already spending time out during their normal daily routine. We focused a lot of our initial business development efforts in that (passive charging) market, so apartment complexes, hotels, hospitals, office buildings, where we know a lot of busy drivers are passively operating throughout the day.”
Expansion of U.S operations will allow property owners to gain accessibility to new infrastructure and charge their cars when they are on the move, wherever they are.