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Toronto-based SWTCH Energy has secured $13 million in new financing to expand its EV charging solutions to multi-family buildings across North America, with an emphasis on serving low-to-moderate-income (LMI) communities.
SWTCH provides EV charging and energy management solutions that address the challenges of EV ownership in multi-family buildings. SWTCH’s charging-as-a-service model is designed to reduce the financial barriers to providing EV charging infrastructure, by incorporating clean fuel standard credits, charging infrastructure incentives, and ancillary service market participation.
SWTCH charging systems are currently installed in 200 multi-family buildings. By the end of 2022, SWTCH expects to manage 5,000 charging ports in over 900 locations in all 50 US states and 10 Canadian provinces, of which over 50% will be in low-to-moderate-income (LMI) multi-family buildings.
As part of the Clean Fight Program, SWTCH is collaborating with other technology providers to help electrify residential and commercial buildings in New York.
“SWTCH was selected to participate in the Clean Fight program that’s focused on high-impact solutions that bring the environmental, economic and health benefits of deep decarbonization to non-luxury buildings. SWTCH is already working on new installations in LMI communities in NY with two different partners,” said Thatcher Bell, Program Director at The Clean Fight.
“SWTCH’s mission is centered on realizing the social, economic, and environmental benefits of widespread EV adoption,” said Carter Li, CEO of SWTCH. “We know that more than 80% of EV charging occurs at home and 30% of homes in North America are multi-family, so improving access to EV charging infrastructure in multi-family buildings is critical to enabling widespread EV adoption. This round of new financing will help us [expand] our ability to fund more charging-as-a-service projects in low- and moderate-income communities across North America.”
Source: SWTCH Energy
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