Even though gas-powered cars won’t be obsolete anytime soon, electric vehicle (EV) adoption has undoubtedly risen in the U.S. amid growing environmental concerns. As more drivers adopt these eco-friendly options, Loop Global wants to provide the infrastructure needed to sustain them. The company that builds electric charging solutions announced Tuesday a fresh injection of capital to expand its reach.
Loop develops hardware and software to provide clients with EV charging stations. It also offers solutions for ongoing operating services. The company pulled in a $40 million Series A-1 round co-led by Fifth Wall Climate and Agility Ventures. Alongside the raise, Loop secured a $20 million credit facility from Keystone National Group.
“At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV charging infrastructure that is there to support it,” Dustin Cavanaugh, Loop’s co-founder and CEO, said in a statement. “Loop is streamlining this transition by making next-generation EV charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.”
The company provides solutions for drivers to charge their vehicles at home, work or in public by equipping residential, commercial and public access properties with charging stations. It also built a mobile app that corresponds to its charging stations, allowing users to initiate charging sessions and pay their balance from their phones.
“The net-zero transition is real, and it’s already in progress. Governments, businesses and consumers around the world are spending to make greener choices, including on electric vehicles,” Henadi Al-Saleh, the chairperson of Agility’s board of directors, said in a statement. “But to achieve scale, we need to take an ecosystem view. It’s not any one green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption.”
Since its launch in 2019, Loop has sold more than 7,000 charging stations across all 50 states and in more than 15 countries across the globe. Its customer base lists names like AvalonBay Communities, Hudson Pacific Properties and Starwood Capital Group.
The U.S. market for EVs is growing quickly and is expected to increase from a $28 billion value in 2021 to about $137 billion by 2028. Loop is following suit with growth of its own. With its fresh funding, the company plans to expand its U.S. operations, continue supporting the locations it already serves and scale globally.
