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SWTCH Energy, a leading provider of electric vehicle (EV) charging solutions, has secured $27.2 million in Series B funding to expand its charger deployments in multifamily and commercial buildings throughout North America. The investment round was spearheaded by Blue Earth Capital, with contributions from Alantra’s Energy Transition Fund, Klima, Active Impact Investments, and GIGA Investments Corp. This funding marks a significant step in addressing the charging needs of multi-tenant buildings, a sector experiencing rapid growth due to increased EV sales and evolving governmental regulations.
Key Highlights:
- Significant Funding: $27.2 million raised to enhance EV charging infrastructure in multifamily and commercial buildings.
- Leadership and Growth: Led by Blue Earth Capital, demonstrating strong confidence in SWTCH’s business model and market strategy.
- Innovative Solutions: Utilization of machine learning and artificial intelligence to optimize the SWTCH Control™ energy management system.
- Strategic Expansion: Focus on integration with top software solutions to streamline operations for property managers and enhance user experience for tenants.
SWTCH is strategically positioned to meet the growing demand for EV charging in multifamily dwellings, especially as EV sales reach new heights and legislative changes make buildings EV-ready. The company’s turnkey solutions address common challenges such as high initial costs and limited electrical capacity, which are barriers to installing adequate charging stations. SWTCH’s proprietary technology, SWTCH Control™, increases electrical efficiency and charger reliability, which allows for a tenfold increase in charger installations without costly electrical upgrades.
With the new funds, SWTCH plans to further refine its cutting-edge SWTCH Control technology and expand its service offerings. These enhancements will incorporate more advanced machine learning and artificial intelligence capabilities, paving the way for more efficient management and operation of EV charging stations.
“Today, a third of Americans live in multifamily buildings, largely without home charging access. As right-to-charge laws and energy efficiency mandates continue to gain traction, SWTCH is in a unique position to help real estate customers close this gap,” stated SWTCH CEO Carter Li.
Blue Earth Capital’s Head of Private Equity, Kayode Akinola, expressed enthusiasm about partnering with SWTCH. “We’re pleased to see SWTCH’s innovative deployments and technological leadership to date, and are excited to partner with the company to support their pivotal growth stage,” said Akinola.
Manuel Alamillo, Partner at Alantra’s Energy Transition Fund, Klima, highlighted the significance of supporting SWTCH’s expansion. “We think the multifamily housing market in North America is under-served with EV charging infrastructure. SWTCH’s capital efficient, building integrated model is the best we have seen in this space. We are proud to support SWTCH’s expansion, so it can make EV charging a better experience for drivers and property managers,” he remarked.
This strategic infusion of capital is expected to substantially enhance the availability of reliable and efficient EV charging solutions across North America, supporting both current and future needs in the evolving energy landscape.
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