What’s Happening: itselectric, an electric vehicle curbside charging company based in Brooklyn, has announced the successful completion of a $2.2M pre-seed round to provide curbside EV charging tailored to cities. The funding round was led by Brooklyn Bridge Ventures and involved participation from Clean Energy Venture Group, The Helm, Graham & Walker, Pericles, and XFactor. The funds will enable itselectric to concentrate on piloting its programs in major cities across the United States in 2023.
Why It Matters: According to the U.S. Department of Energy, over 600,000 Level 2 charging stations are required to support the expected 15 million electric vehicles that will be on the road by 2030. The Biden administration has proposed new standards for the national electric vehicle charging network, with a $7.5 billion investment for EV charging infrastructure, highlighting the need for available charging in cities to make the shift to clean transportation. itselectric’s mission is to help cities become more livable and sustainable by providing an affordable and equitable solution for urban EV charging.
- itselectric aims to create urban networks of Level 2 curbside charging stations at no cost to cities or property owners, utilizing untapped electricity supply through partnering with neighborhood property owners.
- The company provides a sleek, low-profile curbside charger that delivers revenue sharing for property owners, extensive access to EV drivers, and has zero impact on municipal budgets.
- The funding will enable itselectric to move from a fully-functioning minimum viable product (MVP) to a certified product.
- itselectric is the first EV charger produced in North America with a detachable cord provided to each driver.
Bottom Line: itselectric has raised $2.2M to provide a community-focused, affordable, and scalable solution for curbside EV charging in cities, assisting to reduce capital expenditure and support carbon reduction targets.