FOR IMMEDIATE RELEASE -- SAN FRANCISCO Oct 5, 2015 -- EverCharge the leading smart electric vehicle (EV) charging provider for multi-tenant properties, announced today a seed investment of $1.4 million led by hardware-focused venture fund Bolt. The financing will be used to fund EverCharge's continued national expansion and for further investment in its proprietary technology platform, SmartPower.
“We love businesses like Evercharge that solve big problems in a creative way,” said Ben Einstein, managing director of Bolt. “We’re thrilled that we can help the team get their product to market and help expand the adoption of electric vehicles.”
“Every day we hear from more car owners and property managers who need an easy way to get power to parking spots in an economical way,” said EverCharge founder and CEO Jason Appelbaum. “And it’s clear this problem will only get bigger as the demand for electric vehicles grows. We think EverCharge is already having a meaningful impact on the size of the electric vehicle market, and this investment is going to help us grow even faster.”
Through the use of its innovative power management technology, SmartPower, EverCharge expands properties’ charging capabilities by up to 10 times, helping the millions of Americans living in multifamily housing get access to in-home charging solutions. Using a fully managed solution and its innovative technology, EverCharge allows more properties to bring the benefits of on-site chargers to their tenants without the need for costly infrastructure upgrades.
Since fully launching its SmartPower EV Charging solution in 2014, EverCharge has quickly become the leading electric vehicle charging solutions for apartments, condominiums and properties managed by homeowners associations’ in the United States. EverCharge is helping build a greener more sustainable future, by maximizing the current infrastructures potential while allowing millions the access to in-home charging solution EV drivers want and need.
Emeryville, CA based EverCharge is a power managed EV Charging solution for multi-tenant properties led by technology entrepreneurs and electrical experts. Founded in 2012, EverCharge offers its clients an easy and efficient way to bring EV charging capabilities to their residents while leveraging the existing electrical infrastructure in place saving tens of thousands on unnecessary upgrades. EverCharge’s SmartPower technology maximizes the number of electric vehicles that can charge at any given time, allowing for up to 10 times the amount of simultaneously charging vehicles. The company's innovative platform reaches more than 88 million Americans living in multifamily units today. For more information, please visit evercharge.net/press
Bolt is a venture capital fund designed to address the unique needs of early-stage startups at the intersection of hardware and software. Bolt has around $37M under management and focuses on seed and series A companies. In addition to capital, Bolt portfolio companies get support from Bolt's world-class engineering team, access to cutting-edge prototyping shops in San Francisco and Boston, and help with manufacturing. For more information about Bolt’s portfolio, visit bolt.io.
EverCharge provides hardware and software EV charging solutions for fleets and multi-unit homes. Their turnkey offerings are designed to utilize existing infrastructure to scale EV charging at the lowest cost. EverCharge’s load balancing SmartPower technology maximizes the number of electric vehicles that can charge at any given time and eliminates barriers such as data connectivity. EverCharge was founded in 2013 and is headquartered in Palo Alto. For more information, please visit EverCharge.com.