ELECTRIC VEHICLE CHARGING COMPANY ENVIROSPARK SECURES SERIES A FUNDING

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Sep 08, 2022, 08:08 ET

Ultra Capital led the funding round which will expand EnviroSpark's platform supporting property owners with turn-key EV charger solutions.

ATLANTA, Sept. 8, 2022 /PRNewswire/ -- Atlanta-based electric vehicle (EV) charging company EnviroSpark announced the completion of its Series A funding round led by Ultra Capital, an independent investment firm that invests in businesses focused on sustainable infrastructure and energy transition. The funding will fuel EnviroSpark's continued expansion in the EV infrastructure space as the company builds on its existing footprint of more than 5,000 chargers installed across the United States and Canada.

The announcement comes amid rising adoption rates of electric vehicles nationwide, with government and private forces driving industry growth through national and state policy and expansions in vehicle manufacturing capacity. Increases in EV adoption accelerates the need for fast, reliable and convenient charging infrastructure. EnviroSpark is a leading provider of turn-key EV charger solutions, partnering with property owners, utilities, and governments to bring EV infrastructure to where people live and work, making the shift to electric practical for more consumers.

"EnviroSpark is increasing charging accessibility and will continue its growth in the multi-family and commercial property space, further positioning itself as a strategic leader in the industry. With the addition of these funds, we are expanding our product offerings and increasing headcount nearly four times over, bringing the brightest minds to this booming industry," CEO and Founder Aaron Luque said. "We are ecstatic to have the financial support and expertise from Ultra Capital to move EnviroSpark forward."

This round of funding will accelerate EnviroSpark's roadmap of features and expand its geographic footprint, accelerating the availability of EV infrastructure for more customers in America and Canada. EnviroSpark's platform streamlines installation of EV chargers at scale, making it easier for governments, multi-family property owners and other businesses to join the EV revolution.

"EnviroSpark is a true leader in the EV charging sector, having designed, built and installed thousands of EV chargers since its founding 8 years ago. We are thrilled to support Aaron and his team to expand their footprint, product offerings, and capabilities in a sector that is critical to de-carbonizing transportation," said Kristian Hanelt, Managing Director of Ultra Capital. "EnviroSpark has what it takes to lead this growing industry in its pivotal moment."

Ultra Capital has joined EnviroSpark's Board of Directors along with Paul Bowers, former Chairman, President, and Chief Executive Officer of Georgia Power who also invested in the funding round.

Boreas Capital Partners served as financial advisor to EnviroSpark on the transaction.

SOURCE EnviroSpark