Venture capital firm, Agility Ventures, has invested in Loop Global, a US-based leader in the development of hardware and software for electric-vehicle (EV) charging stations and networks.
Loop, which operates in all 50 US states and more than 15 countries, said it would use the funds from Agility Ventures and other new investors to support its expansion and growth.
Loop has sold more than 7,000 charging stations worldwide through resellers and distributors that make up a combined network of over 750 electrical contractors.
The company’s next generation EV-charging solutions are currently being adopted by municipalities and some of the world’s largest commercial, retail, multi-tenant, fleet and hospitality businesses.
“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,” said Dustin Cavanaugh, Co-Founder and CEO of Loop. “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.”
With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high, yet many property owners do not know where to begin when it comes to implementing the technology across their properties. Loop’s smart, simple and affordable EV-charging products provide ready-made solutions for passive charging at home, work and on the go.
Henadi Al-Saleh, Agility Chairperson and head of Agility Ventures, said: "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. 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. That's what we like about Loop -- it helps reduce the barriers to cleaner transport for more people."
Agility has committed more than $170 million to investments in sustainable transportation, energy and technology. Its portfolio includes investments in Hyliion, a US innovator in electrified powertrain systems for commercial trucks; Frete, Brazil’s leading freight marketplace; Volta Trucks, a Swedish manufacturer of middle-mile and last-mile electric trucks; Swvl, a Dubai-based provider of mass transit and shared mobility; and TVP Solar, a maker of high-performing, ultra-efficient solar panels based in Switzerland.
Cavanaugh said Loop, based in El Segundo, California, is looking to locate charging networks “where drivers are already spending the majority of their day, we are enabling consumers to eliminate the burden of having to go out of their way to refuel and allowing them to prioritise convenience above all else,” said Cavanaugh. “Loop has the vision of making EV charging affordable and accessible to the world by empowering property owners with turnkey solutions to create passive and profitable charging networks that prioritise convenience for EV drivers.”-- TradeArabia News Service