EV CHARGING

SWTCH Energy Secures $27.2M in Funding to Accelerate Multifamily EV Charging

April 25, 2024

SWTCH Energy, a leader in EV charging for multi-tenant buildings across North America, has secured $27.2 million in Series B funding.
This financial milestone was achieved with Blue Earth Capital, Alantra’s Energy Transition Fund, Klima, Active Impact Investments, and GIGA Investments Corp.
Local governments across North America are mandating that multi-tenant properties be equipped to support EV charging.

The lack of EV charging for multifamily residents is a significant barrier holding back EV adoption in the US. The National Association of Home Builders reported that American multifamily housing accounted for 31.4% of housing in 2019. Only a small fraction of these residents currently have EV charging available. To address these concerns, the federal government’s Joint Office released guidance on multifamily EV charging. The federal government has also released a significant amount of grants to help install more multifamily charging.

Multifamily EV charging presents a more complex challenge than at other locations because there are more stakeholders. Residents may be owners or renters, and a homeowner’s association may need to agree to be involved or approve the charging installation. EV charging is sometimes not a high priority for building owners to invest in. However, more and more property owners are realizing that EV charging through companies such as SWTCH ENergy adds great value to their multifamily property.

SWTCH Energy Offers Turnkey EV Charging Solutions for Multi-Tenant Buildings

SWTCH Energy is focused primarily on multi-tenant buildings across North America, offering turnkey EV charging solutions. The company recently announced it has successfully secured $27.2 million in Series B funding. This financial milestone was achieved with Blue Earth Capital leading the round. The round also saw significant contributions from Alantra’s Energy Transition Fund, Klima, alongside additional investments from Active Impact Investments and GIGA Investments Corp.

With this influx of capital, SWTCH is set to dramatically enhance its footprint in the multi-tenant building market, aiming to build upon an impressive tenfold increase in its charging network observed since its Series A funding round.

Increasing multifamily charging is an important stepping stone to mass American EV adoption, and SWTCH Energy, a leader among EV charger companies, is taking the highly commendable step of solving this problem.

SWTCH Control, an Innovative Intelligent Load Management System

SWTCH’s intelligent load management system, SWTCH Control, has emerged as a game-changer in this context. By offering comprehensive insights into a building’s electrical loads and pinpointing available capacity for EV charging, SWTCH Control empowers property owners to vastly increase the number of EV chargers on their premises without the need for extensive electrical infrastructure overhauls, using innovative EV charging load management.

This system not only ensures buildings are equipped to meet the current demand for EV charging but also secures their readiness for future increases in EV adoption. Consequently, properties are effectively future-proofed, enabling them to accommodate a growing number of electric vehicles while sidestepping the high costs typically associated with upgrading electrical systems.

With this funding raise, SWTCH is strategically leveraging the latest advancements in machine learning and artificial intelligence to further enhance SWTCH Control and its suite of market-leading EV charging solutions. By incorporating these cutting-edge technologies, SWTCH aims to refine its systems’ operational efficiency, reliability, and user experience.

Anticipated improvements include smarter energy management, predictive maintenance, and enhanced usage analytics, which will not only streamline the charging process but also optimize energy consumption patterns based on user behavior and peak demand times.

“Today, a third of Americans live in multifamily buildings, largely without home charging access. 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,” says SWTCH CEO Carter Li.

“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.”

SWTCH Energy is committed to expanding its integration with industry-leading software platforms. This initiative is designed to create a frictionless experience for property managers and tenants alike, ensuring that managing and accessing EV charging is as seamless as using any other property amenity. By enhancing interoperability with property management systems, building automation solutions, and user interface applications, SWTCH aims to simplify the EV charging experience.

This will make it easier for tenants to charge their EVs and for property managers to monitor and manage the charging infrastructure efficiently, encouraging the adoption of electric vehicles and supporting the transition towards a more sustainable future in urban living.

SWTCH, a Leading Multifamily EV Charging Provider

SWTCH Energy is strategically positioning itself at the forefront of the EV charging revolution, especially as the demand for electric vehicles reaches a pivotal turning point. With EV sales soaring and legislative frameworks evolving—requiring new and existing buildings to accommodate EV charging infrastructure — SWTCH’s innovative approaches are indispensable.

Governments across North America are amending building codes and zoning to mandate that properties support EV charging, highlighting the growing need for accessible charging options in multifamily dwellings. SWTCH’s solutions are designed to address the challenges that come with deploying EV charging infrastructure in both new constructions and older buildings.