SWTCH Energy, a Toronto, Canada-based provider of EV charging and energy management solutions, raised $13M in funding.
The new capital includes a $10m USD Series A round led by the venture capital arm of Aligned Climate Capital and a $3m USD credit facility from Silicon Valley Bank. Additional Series A investors include Landmark Management Inc., Elemental Energy, IBI Group, Active Impact Investments, and Pacific Reach.
The company intend sto use the funds to accelerate growth into these locations by expanding ability to fund more charging-as-a-service projects in low- and moderate-income communities across North America.
Led by CEO Carter Li, SWTCH Energy provides electric vehicle (EV) charging and energy management solutions that streamline charging for drivers while optimizing usage and revenue for multi-family building operators.
SWTCH charging systems are currently installed in 200 multi-family buildings. By the end of 2022, the company expects to manage 5,000 charging ports in over 900 locations in all 50 U.S. states and 10 Canadian provinces, of which over 50% will be in low-to-moderate income multi-family buildings.
The company has offices in Brooklyn, New York and Boston, Massachusetts.