Mar 07, 2023, 09:00 ET
Led by Brooklyn Bridge Ventures, the funding will further itselectric's mission to bring curbside EV charging to cities across the U.S. and advance the nationwide adoption of electric vehicles
NEW YORK, March 7, 2023 /PRNewswire/ -- itselectric, a Brooklyn-based electric vehicle curbside charging company, today announced the successful close of a $2.2M pre-seed round to provide curbside EV charging specifically built for cities. The raise was led by Brooklyn Bridge Ventures with participation from The Helm, XFactor, Graham & Walker, Clean Energy Venture Group, and Pericles among others, and will allow itselectric to focus on the deployment of pilot programs in major cities across the U.S in 2023.
Currently there are roughly 130,000 electric vehicle charging stations in the U.S. However, according to the U.S. Department of Energy, over 600,000 Level 2 charging stations are needed to support the estimated 15 million EVs projected to be on the road by 2030. In June 2022, the Biden Administration proposed new standards for the national electric vehicle charging network. The plan, supported by a $7.5 billion investment for EV charging infrastructure, is indicative of the growing need for accessible charging in cities in order for the transition to clean transportation.
"itselectric's mission is to make cities more livable and sustainable," said Nathan King, CEO and co-founder. "At least 40 million U.S. drivers park their cars on the public streets, and municipalities are looking for solutions that will help these drivers go electric. This funding will position itselectric as the first truly scalable, equitable, and affordable solution for urban EV charging."
"Cities are not ready for a future of EVs. While efforts are underway, there is limited interest from other charging providers to create publicly-accessible, curbside charging that considers the neighborhoods they are installing within," added Tiya Gordon, COO and co-founder. "itselectric embraces the challenge of curbside charging with our design and community-centered approach that disrupts the status quo. Our solution is a sleek, low-profile curbside charger that provides revenue sharing for property owners, plentiful access to EV drivers, and has zero impact on municipal budgets."
itselectric aims to provide urban networks of Level 2 curbside charging posts at no cost to cities or to property owners and is the first EV charger designed and manufactured in North America to feature a detachable cord provided to every driver. itselectric partners with neighborhood property owners to unlock access to untapped electricity supply. Once a property is deemed eligible, itselectric installs and maintains a low-profile charger and property owners earn passive income. With this business model, itselectric helps cities meet their carbon reduction targets and reduce capital expenditure by completely avoiding the infrastructure upgrades normally needed to support on-street charging. itselectric will use these funds to move the current prototype from a fully-functioning minimum valuable product (MVP) to a certified market ready product (MRP) for on-street deployments across the U.S.
"When I saw itselectric's solution, crafted by its seasoned and highly-experienced founding team, I saw an innovative approach to a major problem in the United States," said Charlie O'Donnell, founder and general partner of Brooklyn Bridge Ventures. "The curbside charging space has largely been ignored, despite the impact it can have on nationwide EV adoption. I saw a massive opportunity and am excited to support itselectric."
"We knew immediately that itselectric could change the future of sustainable mobility," says Lindsey Taylor Wood, founder and general partner of The Helm. "Their meticulously designed curbside charging posts ensure all drivers across the U.S. have access to reliable and convenient electric charging stations — while giving cities a tangible path to reaching their decarbonization targets."
"itselectric has taken a complicated problem and created a simple, deliberately designed solution that truly changes the EV charging game and one that will make charging more accessible to a broader population of drivers," said Natalya Bailey, Investment Partner at XFactor Ventures. "We believe in their vision and we're proud to invest in a company that will lead the U.S. to an electric future."
To learn more about itselectric and join its waitlist as a property owner, EV driver, or aspiring EV driver, please visit itselectric.us.
Millions of drivers park their cars on the street and cannot transition to electric vehicles without convenient and affordable on-street charging infrastructure. itselectric is accelerating the rate of adoption of EVs by providing communities with scalable and simple curbside EV charging that seamlessly integrates into their neighborhoods. itselectric's solution ensures that every community - no matter the median income or prevalence of driveways and garages - has access to clean transportation.
itselectric's "behind the meter" approach results in zero impact on municipal budgets. They partner with cities across the U.S. to install, operate and maintain chargers at no cost to the city or to the host property owner - all while allowing property owners to earn passive income every month. To learn more, please visit itselectric.us.
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