L-Charge closed a $10 million funding round led by Ultra Capital with co-investment from founder Dmitry Lashin. The capital will scale the company’s off-grid EV charging solutions across the United States, targeting rideshare, last-mile delivery, and commercial fleet segments.
Highlights
- Funding: $10 million equity round led by Ultra Capital with founder participation
- Focus: Off-grid charging solutions that bypass utility permitting delays and grid constraints
- Target markets: Rideshare, last-mile delivery, municipal fleets, and commercial depots
- Business model: Charging-as-a-Service and Power-as-a-Service with zero-CAPEX options
Addressing Fleet Electrification Bottlenecks
Commercial fleet operators face persistent challenges when deploying EV infrastructure. Permitting delays, utility interconnection backlogs, and rising installation costs frequently slow electrification timelines. L-Charge positions its modular, grid-independent charging systems as a solution that enables deployment within weeks rather than months.
“Demand for our solutions continues to grow as fleet operators look for reliable ways to deploy EVs despite grid limitations and rising costs,” said Stephen Kelley, CEO of L-Charge. “This investment allows us to scale faster, support more customers, and keep building the team needed to sustain our next phase of growth.”
Investment Allocation
The equity capital will fund several expansion initiatives:
- National footprint growth: New installations and expanded product categories
- Team expansion: Additional sales, operations, and customer support personnel
- Infrastructure development: Enhanced long-term service capabilities
Investor Perspective
Kristian Hanelt, Partner at Ultra Capital, cited power access as a primary barrier to fleet electrification. “Their ability to deploy charging infrastructure independent of grid timelines makes them uniquely positioned to support the rapid electrification of commercial fleets,” Hanelt said.
Service Model
L-Charge offers Charging-as-a-Service and Power-as-a-Service models that eliminate upfront capital expenditure for customers. The company serves logistics providers, rideshare operators, municipal fleets, and commercial depots facing power and site constraints.
For more information, visit www.l-charge.net.
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