LOS ANGELES, 5 October 2022: An electric vehicle charging infrastructure company, Loop Global Inc announces completion of its USD 40m Series A-1 funding round. The company provides property owners with turnkey, profitable solutions for deploying EV charging networks.
The funds will be used by Loop to broaden its US operations, enabling it to continue supporting all 50 US states in addition to the current 15+ nations.
To help with the company’s explosive expansion, Loop received a USD 20m senior-secured loan facility from Keystone National Group, a well-known private credit organisation.
Several major players contributed to the funding round, including Fifth Wall Climate, the world’s biggest venture capital firm focused on technology for the global real estate industry, and Agility Ventures, the corporate venture arm of Agility, a global leader in supply chain services and infrastructure.
Installed charging stations
To date, Loop has sold over 7,000 charging stations worldwide through its Network Partner Program, which consists of over 100 resellers and distributors that make up a combined network of over 750 electrical contractors.
The company’s next generation EV charging solutions are currently being adopted by both national and international municipalities, as well as some of the largest commercial, retail, multi-tenant, fleet and hospitality businesses in the world including AvalonBay Communities and also Fifth Wall strategic limited partners such as Hudson Pacific Properties, and Starwood Capital.
Inventories to come
With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high, yet many property owners do not know where to begin when it comes to implementing the technology across their properties.
Loop’s comprehensive suite of smart, simple and affordable EV charging products provide ready-made solutions for passive charging at home, work and on the go.
Dustin Cavanaugh, Co-Founder and CEO of Loop said, “At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV charging infrastructure that is there to support it.”
“Loop is streamlining this transition by making next generation EV charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market,” Cavanaugh added.
“It’s no secret that electric vehicles are the future of the transportation sector,” said Peter Gajdoš, Fifth Wall Partner and Co-Lead of its Climate team. “Loop’s vision is to completely transform the delivery of turnkey EV charging networks through an end-to-end, cost-effective solution which enables property owners to passively offer EV charging services to their tenants, employees or customers,” Peter stated.