Energy Impact Partners (EIP), a cleantech growth equity fund, has provided $44 million in financing through its credit platform, the Energy Impact Credit Fund (EICF), to Volta Charging, a firm that provides free electric vehicle charging and an advertising platform for businesses.
Volta offers its turnkey solution to major retail partners, such as Whole Foods and Macy’s, at zero cost, covering the cost of installment, maintenance and electricity usage of electric vehicle charging stations, according to EIP. Retailers then leverage paid advertising through Volta’s platform to give brands an ad platform that supports adoption of low-carbon transportation.
The loan will allow Volta to expand its electric vehicle charging and advertising platform, according to EIP. EICF provided the funding in partnership with CION Investment Corp., a business development company focused on middle market lending in the United States.
In January 2018, Energize Ventures also provided Volta with $33 million in equity funding.
Volta’s platform is the largest free electric charging network in the country, with more than 700 stations across 10 states. Volta has charged more than 40 million free electric miles for vehicle owners since the company’s 2010 inception.
