Volta Pushes Free EV Car Charging Backed by Advertisers
Volta Industries has unveiled a new, advertising and sponsored-based approach to support free electric vehicle (EV) charging via a network of more than 100 stations across five cities.
Volta also announced that the company has closed a $4.5 million Series A equity capital round led by Three Bridges Ventures and a $3 million project financing facility provided by SQN Capital.
“Our goal is to re-invent the model for community engagement by matching their needs for services like free electric car charging with brands and retail locations that believe in sustainability, for example,” said Scott Mercer, Co-founder and CEO of Volta. “We’re driving the price of both the service and the infrastructure to zero as we tap major brands to join our community engagement model. We’ve seen early success with companies like Macy’s, Whole Foods Market, and Sungevity, and we expect that list to expand as we grow.”
Founded in 2010 by Mercer and CTO Michael Menendez, Volta first began in Honolulu by offering free electric car charging services underwritten by local brands.
Since then, Volta has deployed initial charging infrastructure in high-volume, retail locations in five major cities, including the San Francisco Bay Area, the Los Angeles metropolitan area, San Diego, Phoenix, and Honolulu.
The company’s novel approach helps address the chicken and egg conundrum associated with expanding EV ownership: How do you get people to purchase electric vehicles if they don’t believe there are sufficient charging stations to support them? The answer : Expand the number of charging stations.
Category: Consumer, Electric Vehicles
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