ChargeNet Raises $6.2M in Series Seed Funding

ChargeNet, a software platform start-up that integrates electric vehicle (EV) fast chargers, energy storage and solar power with a payment system, has closed a $6.2 million Series Seed financing round led by Aligned Climate Capital.

January 11, 2022. By News Bureau

ChargeNet, a software platform start-up that integrates electric vehicle (EV) fast chargers, energy storage and solar power with a payment system, has closed a $6.2 million Series Seed financing round led by Aligned Climate Capital.

Additional investors in the round include the San Diego Angels, Tech Coast Angels, and the LACI Impact Fund.
 

ChargeNet is currently developing fast, solar powered EV charging stations strategically located in quick-serve restaurant parking lots. The first location will debut at a South San Francisco Taco Bell® later this month.

These sites are powered by ChargeNet’s innovative software, which affords customers a convenient way to get a near 100-mile charge in 15 minutes, or less, for about $10.

“The key to our partnership with Aligned Climate Capital is our shared values,” said ChargeNet CEO and co-founder Tosh Dutt. “The EV transition is underway, and we want to give EV charging access to everyone.”

The proceeds from the Series Seed investment will be used to execute on ChargeNet’s development pipeline of solar powered charging stations, hire employees, and fund the company’s growth strategy. As the lead investor, Aligned Climate Capital will join the Board of Directors.

“EV drivers need fast charging as part of their daily routine,” said Brendan Bell, COO of Aligned Climate Capital. “More than five million people eat at Taco Bell restaurants across the country every day. ChargeNet brings fast charging to these drivers, and clean energy to the restaurants.”

Restaurant owners benefit from the technology, as well. By integrating solar and energy storage, ChargeNet reduces utility costs and increases renewable energy usage.

More than 70 additional Taco Bell® restaurants, operated by franchisees Diversified Restaurant Group, are set to add ChargeNet services in the coming months, each with six stations per restaurant parking lot.

“We’re always looking for opportunities to bring innovative and sustainable ideas to market, especially those that create a ‘win-win’ for our customers, the community and our business,” says SG Ellison, President of Diversified Restaurant Group.

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