itselectric Announces $6.5M Seed To Accelerate Deployment of Curbside EV Charging in cities across the U.S.

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Jul 16, 2024, 09:00 ET

With backing from Failup Ventures and Uber Technologies, itselectric is expanding to seven U.S. cities; transforming urban EV charging infrastructure and powering electric ride-sharing fleets for 2030

NEW YORK, July 16, 2024 /PRNewswire/ -- itselectric, a Brooklyn-based electric vehicle curbside charging company, today announced its $6.5M seed round, bringing its total funding to date to $11.8M. The raise, led by Failup Ventures and Uber Technologies, and with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm, will support deployments across seven cities in the United States in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco. With fresh funding, itselectric's curbside charging infrastructure will also help support Uber's goal of helping rideshare drivers go electric.

EV sales in the U.S. have quadrupled over the past four years, with more than four million EVs on the road. Additionally, charging ports are up 70%, with an estimated 170,000 publicly available chargers across the country. However, as of March 2024, the Office of Energy Efficiency and Renewable Energy predicts the U.S. will need 28 million EV charging ports to support over 30 million EV drivers by 2030. Moreover, new legislation in states like California and New York mandates that rideshare drivers transition to electric vehicles by 2030, underscoring the need for convenient and affordable curbside charging solutions.

"2023 was the hottest year on record with transportation as one of the largest contributors of U.S. greenhouse gas emissions. The decision to drive electric will make an impactful difference; however the lack of public charging is one of the leading barriers deterring drivers from making the transition from their current gas vehicles," said Tiya Gordon, co-founder and COO of itselectric. "At itselectric, our mission is to make charging easy, convenient, and affordable not only for drivers, but for cities, providing the pathway for everyone to go electric."

itselectric's Level-2 charging posts eliminate the need for utility permitting, connection and coordination by connecting behind-the-meter to draw spare electrical supply from adjacent buildings. This allows them to be installed at zero cost to property owners or cities. itselectric then shares revenue earned at each charger with the property owners, bringing both clean transportation infrastructure and economic benefits to all communities. Additionally, itselectric offers the only UL-certified detachable cable EV charger, reflecting the company's commitment to customer experience and innovation, with a focus on safety and product quality.

"itselectric has designed an innovative public charging solution that addresses the infrastructural barriers that cities face in the deployment of electric vehicle curbside charging," said Topias Soininen, general partner at Failup Ventures. "Their thoughtfully designed chargers are a highly scalable solution that will rapidly bring curbside charging to the millions of city drivers who park on the street and contribute to the nationwide adoption of electric vehicles."

"We are thrilled to invest in itselectric as part of our push for an all-electric future," said Camiel Irving, GM of Uber US & Canada. "Electric rideshare drivers cut emissions up to four times more than regular motorists, but many lack off-street parking and home charging options. itselectric is innovating to address this and expand overnight curbside charging, helping more drivers confidently go electric, ease range anxiety, and boost earnings potential."

"itselectric is revolutionizing urban infrastructure," said Jesse Draper, founding partner, Halogen Ventures. "Their mission to bring highly accessible curbside charging combined with economic benefits to urban communities, offers an innovative solution for a problem we need to urgently solve. We're incredibly excited about itselectric as they expand across cities to make sustainable transportation a reality across the nation."

"As a climate technology investor, Pulse Fund is dedicated to funding breakthrough solutions in the decarbonization of infrastructure and mobility," said Tenzin Seldon, Founder & Managing Partner at Pulse Fund. "Our investment in itselectric underscores the company's commitment to solve one of the most pressing challenges in the transition to electric vehicles in cities, serving 40 million US drivers who cannot charge due to a lack of dedicated off-street parking."

"Access to reliable EV charging infrastructure is critical for the sustainable growth of urban areas like New York City. The Partnership Fund for New York City is proud to back itselectric, a Brooklyn-born company that is at the forefront of this transformation," said Maria Gotsch, President and CEO of the Partnership Fund for New York City. "Their innovative solutions operate at the intersection of technology and the public interest. By making EV charging more convenient and accessible, itselectric is supporting carbon emissions reduction and clean transportation goals for New York City and state."

For more information about itselectric and to join its waitlist as a property owner or EV driver, please visit itselectric.us.

About itselectric
Millions of drivers lack home or private garages and cannot transition to electric vehicles due to the lack of on-street charging. itselectric accelerates the adoption of EVs with its scalable and simple curbside charging solution ensuring that every community has access to clean, sustainable transportation options.

By making EV charging accessible to all, itselectric is actively reducing carbon emissions and promoting a greener future. Its "behind the meter" approach simplifies the installation process by eliminating the need for municipal coordination. Through partnerships with cities nationwide, itselectric manages the installation, operation, and maintenance of chargers at no cost to municipalities or building owners. This provides drivers with easy and affordable charging options while offering property owners monthly passive income and helping cities to meet their decarbonization targets.

To sign up for the waitlist, please visit itselectric.us/join.

SOURCE itselectric