By Andrew Burger
Aiming to “goose” uptake and use of electric vehicles, San Francisco-based Volta Industries on June 10 announced it is building networks of free community-based EV charging stations in five major U.S. cities. Volta also announced the closing of $4.5 million in series A equity venture capital (VC) funding and another $3 million in project financing.
Following a successful “proof of concept” trial in Honolulu, leading brands and retailers such as Whole Foods and Macy’s are helping fund the building of free Volta EV charging networks at high-end shopping malls and other high-profile, high-traffic sites in Los Angeles, Phoenix, San Diego and San Francisco. Commercial property owners such as General Growth, DDR and Regency like Volta’s EV charging stations and community-based free services business model as well. So do venture capital investors and project finance providers: Three Bridges Ventures led Volta’s $4.5 million series A equity funding round, while SQN is providing $3 million in project financing.