Volta Charging, a San Francisco company that pairs electric charging stations with out-of-home media, has raised $35 million in Series C funding to expand its network of charging stations across the country.
The company, which uses an ad-supported business model to provide electric vehicle charging for free, is hoping to harness the growing market of electric vehicles in the U.S. The company, which announced the latest round of fundraising today, already has 1,000 stations in high-traffic areas and hopes to expand to 2,000 by the end of the year.
As part of its plan to open more stations and expand into new markets, Volta said it expects to be in the top 10 media markets in the U.S. by the end of the year. Already, Volta charging stations can be found in Austin, San Diego, Los Angeles, Portland, Seattle and Chicago, with stations coming “soon” in Denver, New York, Atlanta and Detroit. So far, existing sites have powered cars with 22 million miles of free electric driving, according to Volta.
The Series C funding was led by Invenergy Future Fund, along with new investors including GE Ventures, Orsted Venture and others. The latest investments bring total funding raised to $60 million since its founding in 2010, according to a statement by Volta.
“We gained confidence in the Volta team through their focus on execution and applaud their insights to bring the media industry to bear to create a mobility infrastructure solution,” John Tough, partner at the Invenergy Future Fund, said in a statement. “Volta distills the surrounding complexity and accelerates the market by executing on consumer preferences that won’t change: free charging in premier convenient locations.”