With backing from Failup Ventures and Uber
Technologies, itselectric is expanding to seven U.S. cities;
transforming urban EV charging infrastructure and powering electric
ride-sharing fleets for 2030
NEW
YORK, July 16, 2024 /PRNewswire/ -- itselectric,
a Brooklyn-based electric vehicle
curbside charging company, today announced its $6.5M seed round, bringing its total funding to
date to $11.8M. The raise, led
by Failup Ventures and Uber Technologies, and with
participation from Halogen Ventures, The Partnership Fund
for NYC, Pulse Fund, Newlab,
Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact
Fund, and The Helm, will support deployments across seven cities in
the United States in 2024,
including Boston, Los Angeles, Detroit, Jersey
City, and San Francisco.
With fresh funding, itselectric's curbside charging infrastructure
will also help support Uber's goal of helping rideshare drivers go
electric.
EV sales in the U.S. have quadrupled over the past four years,
with more than four million EVs on the road. Additionally, charging
ports are up 70%, with an estimated 170,000 publicly available
chargers across the country. However, as of March 2024, the Office of Energy Efficiency
and Renewable Energy predicts the U.S. will need 28 million EV
charging ports to support over 30 million EV drivers by 2030.
Moreover, new legislation in states like California and New York mandates that rideshare drivers
transition to electric vehicles by 2030, underscoring the need for
convenient and affordable curbside charging solutions.
"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 eliminate the need for
utility permitting, connection and coordination by connecting
behind-the-meter to draw spare electrical supply from adjacent
buildings. This allows them to be installed at zero cost to
property owners or cities. itselectric then shares revenue earned
at each charger with the property owners, bringing both clean
transportation infrastructure and economic benefits to all
communities. Additionally, itselectric offers the
only UL-certified detachable cable EV charger, reflecting the
company's commitment to customer experience and innovation, with a
focus on 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. The Partnership Fund for
New York City is proud to back
itselectric, a Brooklyn-born
company that is at the forefront of this transformation," said
Maria Gotsch, President and CEO of
the Partnership Fund for New York
City. "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."
For more information about itselectric and to join its waitlist
as a property owner or EV driver, please
visit itselectric.us.
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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