Funding will expand operations across the US and globally to meet increased property owner demand for affordable turnkey electric vehicle charging station networks
Loop Global Inc., an EV charging infrastructure company that provides property owners a turnkey, profitable solution for deploying EV charging networks, announced the completion of a $40 million Series A-1 funding round. Loop will use the funds to expand its US operations, continuing to provide support to all 50 US states and expanding beyond the 15+ countries the company already supports. The funding round was co-led by Fifth Wall Climate, the largest venture capital firm focused on technology for the global real estate industry, and Agility Ventures, the corporate venture arm of Agility, a global leader in supply chain services, infrastructure and innovation. Additional investors in the round include Keystone National Group, an investment financing firm with a principal focus on real estate who has also provided Loop with an additional $20M financing facility to support the company’s rapid growth and the round was managed by investment banking partner B. Riley Financial.
“At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV charging infrastructure that is there to support it,” said Dustin Cavanaugh, Co-Founder and CEO of Loop. “Loop is streamlining this transition by making next generation EV charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.”
With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high, yet many property owners do not know where to begin when it comes to implementing the technology across their properties. Loop’s comprehensive suite of smart, simple and affordable EV charging products provide ready-made solutions for passive charging at home, work and on the go.
“By focusing on implementing charging networks where drivers are already spending the majority of their day, we are enabling consumers to eliminate the burden of having to go out of their way to refuel and allowing them to prioritize convenience above all else,” said Cavanaugh. “Loop has the vision of making EV charging affordable and accessible to the world by empowering property owners with turnkey solutions to create passive and profitable charging networks that prioritize convenience for EV drivers.”
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To date, Loop has sold over 7,000 charging stations worldwide through its Network Partner Program, which consists of over 100 resellers and distributors that make up a combined network of over 750 electrical contractors. The company’s next generation EV charging solutions are currently being adopted by both national and international municipalities, as well as some of the largest commercial, retail, multi-tenant, fleet and hospitality businesses in the world including AvalonBay Communities and also Fifth Wall strategic limited partners such as Hudson Pacific Properties, and Starwood Capital.
“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 net zero transition is real, and it’s already in progress. Governments, businesses, and consumers around the world are spending to make greener choices, including on electric vehicles,” said Henadi Al-Saleh, Agility Chairperson. “But to achieve scale, we need to take an ecosystem view. It’s not any one green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption. That’s what we like about Loop; it helps reduce the barriers to cleaner transport for more people.”
Source: Loop Global