Funding Accelerates Adoption of the EV Connect Charge Cloud™ and Takes Company to Profitability
LOS ANGELES, CA, November 16, 2015 – EV Connect (evconnect.wpengine.com), a leading provider of electric vehicle (EV) charging solutions built upon its innovative and robust cloud-based management software, announced that it has completed a $2.7 million equity financing round to fund growth and take the Company to profitability.
“This additional funding demonstrates confidence by our investors in EV Connect’s management platform and the increasing customer adoption of its solutions,” said Scott Jarus, CEO of EV Connect. “Following on the heels of our recent announcement regarding a partnership with Hilton Worldwide and Current, a GE company, this capital raise provides EV Connect with the financial resources necessary to execute on our growth plans.
“There are very significant opportunities in the evolving EV ecosystem which EV Connect is continuing to aggressively pursue. This capital raise enables them to take advantage of various growth opportunities and partnerships”, said Malcolm MacLean, Managing Member of Olympic Investors LLC, the lead investor in this financing round. “EV Connect’s software-focused business model continues to prove its capital efficiency in an otherwise hardware dominated industry.”
Participants in this latest round of fundraising include both existing institutional investors, such as Double M Partners, Olympic Investors, and 37 Technology Investors, and new investors, including Sustainable America.
About EV Connect, Inc.
EV Connect is a leading provider of electric vehicle (EV) charging solutions for commercial, enterprise, hospitality, university and government facilities. EV Connect developed and operates the industry’s most robust and flexible cloud-based platform for the management of charging stations and the drivers that use them. The EV Connect platform provides charge station-agnostic command & control; enterprise and energy systems integration via an open API; driver communications and support; and demand-response functionality across multiple charging networks.
Established in 2009, EV Connect’s customers include Yahoo!, Hilton Worldwide, Western Digital, ADP, California Department of Transportation, Los Angeles Metropolitan Transportation Authority, New York Power Authority, and numerous municipalities. For more information, please visit evconnect.wpengine.com.