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.