ChargeLab welcomes strategic investors Eaton and Silver Comet in expanded $30 million Series A

TORONTO, April 14, 2023 /PRNewswire/ -- Today, ChargeLab is announcing the addition of $15 million in new financing to their Series A, doubling funds previously raised and bringing the round's total to $30 million. This expansion includes $10 million in new equity financing at an increased valuation and $5 million in venture debt. The company's first Series A tranche of $15 million led by King River Capital was previously announced on May 18, 2022.

As part of this equity financing, ChargeLab is welcoming two new strategic investors: EV charging network operator, Silver Comet, and intelligent power management company, Eaton. Both strategic investors are collaborating with ChargeLab commercially. Silver Comet plans to build a network of DC fast charging stations leveraging ChargeLab's technology, while Eaton has bundled a version of ChargeLab's platform with its line of EV chargers in North America.

"The EV charging industry remains nascent, making strategic partnerships essential for building a resilient ecosystem," said Zak Lefevre, co-founder and CEO of ChargeLab. "With Eaton as an investor, we're thrilled to be working closely with one of the world's leading providers of EV charging hardware. We've also expanded our portfolio of strategic investors by welcoming Silver Comet as a shareholder."

"What I'm most excited about today is the robustness and scalability of our product," added co-founder and CTO, Ehsan Mokhtari. "Silver Comet and Eaton are incredibly sophisticated players. I'm proud that the product we've built met their high standards for quality and security."

ChargeLab builds software to operate and optimize electric vehicle charging equipment. ChargeLab's software runs at the edge and in the cloud, empowering fleets, building operators, and utilities to deploy large numbers of EV chargers and manage them as an intelligent network. ChargeLab's API-first architecture makes its platform more modular and scalable than those of its competitors. Key capabilities of the ChargeLab platform include automated monitoring of EV chargers, management of pricing and access rules, payment processing, and electrical load balancing.

This additional financing will extend ChargeLab's runway, allow the company to expand its engineering team, and help introduce new products into the market. ChargeLab's objective is to become the most ubiquitous back-end platform for managing smart EV chargers.

About ChargeLab
ChargeLab builds a hardware-agnostic software platform for managing electric vehicle chargers. The company's customers include fleets, building owners, convenience stores, and utilities.

About Silver Comet
Silver Comet Energy, formed in 2022, is a new EV charging network operator and technology provider based in Atlanta, Georgia. Silver Comet Energy partners with convenience store operators to help them deploy and operate DC fast charging sites.

About Eaton
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. Founded in 1911, the company is marking its 100th anniversary of being listed on the New York Stock Exchange.

Media contact:
ChargeLab Inc.
[email protected]
1 (800) 636-0986 ext. 210

Note to reader: all monetary figures are in U.S. dollars.

SOURCE ChargeLab