SWTCH Energy, an electric vehicle (EV) charging solutions company for multifamily buildings across the United States, has raised $27.2 million in Series B funding. Following a tenfold increase in the company’s charging network since its Series A, the new funding will allow SWTCH to accelerate charging in multifamily buildings and advance its innovative EV charging and integrated energy management solutions for real estate customers.
Aiming to meet the massive demand for multifamily EV charging as EV sales hit an inflection point and governments begin requiring properties to be EV-ready, SWTCH’s turnkey charging solutions tackle the main deployment challenges for new and aging multifamily buildings from upfront costs and limited electrical capacity to charger reliability.
“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,” says SWTCH CEO Carter Li. “We’re always looking for ways to push our solutions forward to make EV charging a no-brainer. With this new capital, we will scale our EV charging solutions to ensure no building, and no driver, is left behind in the EV future.”
SWTCH Control, the company’s energy management solution, provides visibility into building electrical loads and available capacity for EV charging, which allows owners to install and manage 10 times more EV chargers with existing electrical infrastructure and future-proof properties while avoiding costly upgrades.
With this round, SWTCH is leveraging machine learning and artificial intelligence to advance SWTCH Control and is also expanding integrations with industry-leading software solutions to create a seamless experience for both property managers and tenants who drive EVs. The round was led by Blue Earth Capital on behalf of its investment vehicles with participation from Klima, Alantra’s Energy Transition Fund. Additional Series B investors include Active Impact Investments and GIGA Investments Corp.
“As a mission-driven, global investment firm with a strategy of scaling companies addressing climate change, Blue Earth Capital is proud to invest in SWTCH’s work to expand EV charging access,” says Kayode Akinola, head of private equity at Blue Earth Capital. “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. Electrification and supporting the energy transition is a key investment theme for our climate growth strategy, and an important component of this is the continued expansion of EV infrastructure. The multifamily space served by SWTCH offers a valuable market opportunity to grow our clean energy economy.”
Manuel Alamillo, partner at Klima, adds, “We think the multifamily housing market in North America is underserved 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.”
