The adoption of EVs in India has become a priority and at the same time, finding a solution for the charging of electric vehicles has also become obvious and one of the major challenges around the globe. To resolve this, Loop, an EV charging solution provider has raised $60 million. The company has also offered a network of turn-key EV charging stations.
The fundraising round consists of two components: a $20 million line of credit to support operational expansion and a $40 million Series A headed by Fifth Wall.
As almost 230 million EVs are expected to be launched and be on roads by the year 2030, there has been an increase in the demand for reliable and affordable EV charging infrastructure as well. Loop will introduce EV charging products that are smart and affordable for homes, workplaces, and other public locations as well. As a competitor to existing high-speed charging networks like ChargePoint, EVgo, and Tesla’s supercharger network, the company also offers high-speed direct-current (DC) chargers.
Loop, an EV charging solution provider has raised $60 million to resolve the charging infrastructure problem for EVs.
The individual meter system of the infrastructure is a fascinating thing that allows a combined community to pay for themselves even if there is a single parking spot. This also opens the door for a shared charging system with neighbours or even strangers who need a quick charge for their vehicle.
The co-founder and CEO of Loop, Dustin Cavanaugh shared during an interview that according to the company, with the support of Loop’s next-generation EV charging infrastructure which is an affordable and low-cost solution for market and property owners, the adoption of EVs will move faster. Loop claims to have sold 7,000 charging stations worldwide through the partner program of the company which consists of more than 750 electrical contractors. Both national and international communities, retail tenants, hospitality businesses, and other fleets have adopted Loop’s EV charging solutions.
Loop claims to have sold 7,000 charging stations worldwide through the partner program of the company.
The growth of the company derives from the aim of building a wide-open network of EV chargers. As the transformation from gas-powered vehicles to electric vehicles that are powered by batteries emerged as the new global initiative for climate and nature, Loop is a company that was quick to recognize the biggest upcoming challenge that will affect the adoption of EVs will be the access to an EV charging infrastructure that is not only convenient but also affordable for people. The CEO of the company wanted to apply his knowledge of energy management to this sector since he feels that property owners are the ones who control access to EV charging solutions at scale. He recognized a chance to develop and release a brand-new EV charging system that benefits the property owner and actually makes financial sense.
The highly engineered and highly expensive nature of the virtually ultimate gen 1 charging infrastructure was one thing that the company discovered is not going to work for the property owners as it was expected. Loop also has a long-term outlook that puts electric vehicles squarely in front.
By prioritizing clean, sustainable energy sources, the globe will have undergone a social and economic paradigm change in how it approaches energy infrastructure, with over 30% of vehicles on the road being electric. Investment in these projects will significantly improve the world’s economic, environmental, and social conditions, predicted Cavanaugh.