Ad-based free electric vehicle charging service – Attracted $125 million investment
Volta Charging designs, installs, and maintains a network of electric vehicle charging stations.
Charger installation cost is shared between the installation site and Volta, and users can charge for free up to 30 minutes in exchange for advertisements, and pay the charge after 30 minutes.
With the free service model and strategic location selection, it has the highest usage rate among charging networks in the United States, and is preparing for listing through merger with SPAC.
Volta Charging
Volta Charging is a marketing and advertising company that designs, installs, and maintains a network of electric vehicle charging stations funded by sponsor brands. The company provides a valuable community amenity in markets across the U.S. helping brands meet consumers at the optimal moment of the purchase decision.
General Information
- Headquarters : San Francisco, CA
- Founders : Christopher Wendel, Michael Menendez, Scott Mercer
- Categories : Advertising, Advertising Platforms, Automotive, Electric Vehicle, Marketing
- Founded : 2010
- Contact : info@voltacharging.com
Funding
- Investors: Energize Ventures
- Funding Rounds (19) - $275.4M
- Jan 19, 2021 Series D / $125M
- Aug 24, 2020 Series C
- Jul 30, 2020 Secondary Market
- Sep 10, 2019 Debt Financing / $44M
- Sep 10, 2019 Series C / $20M
- Jul 23, 2018 Series C / $35M
- Feb 12, 2018 Venture Round / $1M
- Oct 28, 2016 Series B / $11.5M
- Oct 21, 2016 Series B / $15M
- Jun 10, 2015 Debt Financing / $7.5M
1. Reason for attention
- As electric vehicles are positioned as next-generation vehicle technology to replace internal combustion engines, various electric vehicle charging network companies are fiercely competing in the market.
- In the US electric vehicle charging network, companies such as ChargePoint, Tesla, Blink, and SemaCharge control nearly 60% of the total market. Achieving the highest utilization of any charging network
2. Current service status
- Volta is an electric vehicle charging company, but through a shift in thinking, the electric vehicle charging network is also used as a means of advertising, a revenue model.
- Offer customers up to 30 minutes of free charging service through advertisements on large digital displays installed on electric vehicle chargers, enticing customers to the charger installation site and driving more consumption around the charger.
- The electric vehicle charging facility installation cost is borne together with nearby retail stores or parking lots, and the charging cost is covered through advertisements.
- As of January 2021, 1,507 charging stations and 3,014 chargers were installed in 459 regions in the United States, and sales increase in surrounding commercial areas was confirmed after installation.
- Retail stores such as Whole Foods, Macy’s, and Saks are the main installation locations, while car brands, Haagen-Dazs, Alaska Airlines, and Netflix are the main advertising customers.
3. Competition
- ChargePoint
An open network that can be charged regardless of vehicle type is a strength, and revenue is generated by providing an integrated platform for charging facilities, software and services.
It was listed through SPAC in 2021 and has a market cap of about $7 billion as of the end of May.
- Blink
Based on the cloud system for monitoring and managing electric vehicle charging stations, there are more than 5,600 charging stations in the United States and more than 180,000 customers
Super-high growth with sales growth of more than 100% in recent years
4. Future Prospects
- Monetization of electric vehicle charging networks in which expensive chargers and power companies are connected and several companies compete with each other is very complex.
- However, Volta's business model has a stable revenue structure, with the cost of retail stores, parking lots and facility maintenance being shared, and advertisers paying for charging.
- With a win-win strategy for retailers to increase sales, advertisers to get advertising effects, and electric vehicle owners to get free charging, long-term growth potential is expected, with sales tripled every year even in a fiercely competitive market.
Source: voltacharging
👉• Web: www.voltacharging.com
👉• Video: Volta Charging - YouTube
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