The raise was led by Brooklyn Bridge Ventures with participation from The Helm, XFactor, Graham & Walker, Clean Energy Venture Group, and Pericles among others, and will allow Itselectric to focus on the deployment of pilot programs in major cities across the US in 2023.
Itselectric aims to provide urban networks of Level 2 curbside charging posts at no cost to cities or to property owners and is the first EV charger designed and manufactured in North America to feature a detachable cord provided to every driver. The company partners with neighbourhood property owners to unlock access to untapped electricity supply. Once a property is deemed eligible, Itselectric installs and maintains a low-profile charger and property owners earn passive income.
With this business model, Itselectric plans to help cities meet their carbon reduction targets and reduce capital expenditure by completely avoiding the infrastructure upgrades normally needed to support on-street charging. The company will use these funds to move the current prototype from a fully functioning minimum valuable product (MVP) to a certified market ready product (MRP) for on-street deployments across the US.
"When I saw Itselectric's solution, crafted by its seasoned and highly experienced founding team, I saw an innovative approach to a major problem in the United States," said Charlie O'Donnell, founder and general partner of Brooklyn Bridge Ventures. "The curbside charging space has largely been ignored; despite the impact it can have on nationwide EV adoption.”
"Itselectric's mission is to make cities more liveable and sustainable," said Nathan King, CEO and co-founder. "At least 40 million US drivers park their cars on the public streets, and municipalities are looking for solutions that will help these drivers go electric. This funding will position Itselectric as the first truly scalable, equitable, and affordable solution for urban EV charging."
