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itselectric secures $6.5M seed funding to deploy curbside EV charging infrastructure across seven U.S. cities, supported by Failup Ventures and Uber Technologies. This initiative aims to enhance urban EV charging, catering to the rising demand for electric vehicles and supporting Uber’s goal of an all-electric rideshare fleet by 2030.
Key Highlights
- Total funding raised to date: $11.8M
- New cities for deployment: Boston, Los Angeles, Detroit, Jersey City, San Francisco
- Uber’s support: aiding rideshare drivers’ transition to electric vehicles
- Level-2 charging posts: no utility permitting needed, cost-free installation
- Revenue sharing: property owners benefit from the economic returns
EV sales in the U.S. have surged, with over four million on the road and charging ports increasing by 70%. Despite this growth, the U.S. needs 28 million EV charging ports by 2030 to accommodate the projected number of EV drivers. Legislation in states like California and New York mandates rideshare drivers to switch to electric vehicles by 2030, emphasizing the necessity for accessible curbside charging solutions.
See also: itselectric Recognized as Next Big Thing
“2023 was the hottest year on record with transportation as one of the largest contributors of U.S. greenhouse gas emissions. The decision to drive electric will make an impactful difference; however, the lack of public charging is one of the leading barriers deterring drivers from making the transition from their current gas vehicles,” said Tiya Gordon, co-founder and COO of itselectric. “At itselectric, our mission is to make charging easy, convenient, and affordable not only for drivers but for cities, providing the pathway for everyone to go electric.”
itselectric’s Level-2 charging posts connect behind-the-meter, drawing spare electrical supply from adjacent buildings, allowing installation at zero cost to property owners or cities. The company shares revenue earned at each charger with property owners, fostering clean transportation infrastructure and economic benefits. Additionally, itselectric offers the only UL-certified detachable cable EV charger, showcasing their commitment to customer experience, safety, and product quality.
“itselectric has designed an innovative public charging solution that addresses the infrastructural barriers that cities face in the deployment of electric vehicle curbside charging,” said Topias Soininen, general partner at Failup Ventures. “Their thoughtfully designed chargers are a highly scalable solution that will rapidly bring curbside charging to the millions of city drivers who park on the street and contribute to the nationwide adoption of electric vehicles.”
“We are thrilled to invest in itselectric as part of our push for an all-electric future,” said Camiel Irving, GM of Uber US & Canada. “Electric rideshare drivers cut emissions up to four times more than regular motorists, but many lack off-street parking and home charging options. itselectric is innovating to address this and expand overnight curbside charging, helping more drivers confidently go electric, ease range anxiety, and boost earnings potential.”
“itselectric is revolutionizing urban infrastructure,” said Jesse Draper, founding partner, Halogen Ventures. “Their mission to bring highly accessible curbside charging combined with economic benefits to urban communities offers an innovative solution for a problem we need to urgently solve. We’re incredibly excited about itselectric as they expand across cities to make sustainable transportation a reality across the nation.”
“As a climate technology investor, Pulse Fund is dedicated to funding breakthrough solutions in the decarbonization of infrastructure and mobility,” said Tenzin Seldon, Founder & Managing Partner at Pulse Fund. “Our investment in itselectric underscores the company’s commitment to solve one of the most pressing challenges in the transition to electric vehicles in cities, serving 40 million US drivers who cannot charge due to a lack of dedicated off-street parking.”
“Access to reliable EV charging infrastructure is critical for the sustainable growth of urban areas like New York City,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “The Partnership Fund for New York City is proud to back itselectric, a Brooklyn-born company that is at the forefront of this transformation. Their innovative solutions operate at the intersection of technology and the public interest. By making EV charging more convenient and accessible, itselectric is supporting carbon emissions reduction and clean transportation goals for New York City and state.”
About itselectric
Millions of drivers lack home or private garages and cannot transition to electric vehicles due to the lack of on-street charging. itselectric accelerates the adoption of EVs with its scalable and simple curbside charging solution ensuring that every community has access to clean, sustainable transportation options. By making EV charging accessible to all, itselectric is actively reducing carbon emissions and promoting a greener future. Its “behind the meter” approach simplifies the installation process by eliminating the need for municipal coordination. Through partnerships with cities nationwide, itselectric manages the installation, operation, and maintenance of chargers at no cost to municipalities or building owners. This provides drivers with easy and affordable charging options while offering property owners monthly passive income and helping cities to meet their decarbonization targets.
To sign up for the waitlist, please visit itselectric.us/join.
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