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SWTCH Energy Inc., a Toronto-headquartered company behind electric vehicle (EV) chargers and software for multiresidential and commercial buildings, has raised $37.3 million to advance the technology behind its solutions.
The funding round is led by Baar, Switzerland-based Blue Earth Capital with participation from Klima, Vancouver-based Active Impact Investments and GIGA Investments Corp. It will help SWTCH apply machine learning and artificial intelligence for its EV charging products such as Control, and better integrate with industry software.
“As right-to-charge laws and energy efficiency mandates continue to gain traction, SWTCH is in a unique position to help real estate customers close this gap,” SWTCH CEO Carter Li said in a release.
“We’re always looking for ways to push our solutions forward to make EV charging a no-brainer. With this new capital, we will scale our EV charging solutions to ensure no building, and no driver, is left behind in the EV future.”
The Series B fundraise follows on its $17.8 million Series A raise in April 2022.
SWTCH to manage growth
The latest funding will assist SWTCH in boosting EV charging infrastructure in multitenant buildings, the release states, as the company has seen a tenfold increase in its charging network since its Series A fundraise.
SWTCH operates thousands of EV chargers in Canada and the U.S.
The company has since formed partnerships, including with Bectrol Inc. in Quebec focused on expanding EV charging infrastructure in the province.
SWTCH says there is “massive demand” for its service in multifamily buildings as EV sales have hit an inflection point and governments are rewriting building codes and zoning ordinances to mandate EV readiness in properties.
Control, for example, is an energy management software solution that automatically adjusts EV charging around times when a building is seeing low demand for energy. It works to ensure all EVs will be fully charged while balancing the building’s electricity demand, saving on infrastructure costs, the company claims.
Ten times as many EV chargers can be installed in a building where Control software is being utilized, SWTCH claims.
“We think the multifamily housing market in North America is under-served with EV charging infrastructure,” Manuel Alamillo, partner at Klima, said in the release.
“SWTCH’s capital efficient, building integrated model is the best we have seen in this space. We are proud to support SWTCH’s expansion, so it can make EV charging a better experience for drivers and property managers.”
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