San Francisco-based Volta Charging today announced that it has raised $35 million as it seeks to rapidly grow its national network of electric vehicle charging stations.
The mobility company said the latest funding round was led by the Invenergy Future Fund. Other investors in the round include GE Ventures, Orsted Venture, Nautilus Venture Partners, Idinvest, Virgo Investment Group, and Autotech Ventures. The company has now raised $60 million since it was founded eight years ago.
Volta’s strategy is to place charging stations in busy traffic areas and make them free for drivers to use. The company makes money through partnerships with advertisers and the owners of the locations. Volta currently has 1,000 units in place and hopes to double that by the end of 2018.
“This esteemed group of investors, who share our vision, are each focused on advancing energy, transportation, technology, or media platforms worldwide, and we are excited to benefit from these relationships as we continue to advance mobility infrastructure worldwide,” said Volta Charging CEO Scott Mercer, in a statement. “With this influx of capital, we will be immediately able to respond to the respective demand from advertisers, EV drivers, and landlords as we add meaningful value to communities nationwide.”