Georgia-based electric vehicle (EV) charging company EnviroSpark announced the completion of a $10 million funding round led by Ultra Capital, an independent investment firm that backs businesses focused on sustainable infrastructure and energy transition. The company announced its $5 million Series A funding earlier this year, bringing total outside investment to $15 million.
Additional investors include Frank Blake, former chairman and chief executive officer at The Home Depot, Tim Tassopoulos, president and chief operating officer of Chick-fil-A, Inc., Mark Bonfigli, founder and former CEO of Dealer.com, Dave Stockert, former president and chief executive officer of Post Properties and Paul Bowers, former chairman, president and CEO of Georgia Power.
The most recent round of funding comes amid rising adoption rates of electric vehicles nationwide and the growing need for fast, reliable and convenient charging infrastructure. EnviroSpark continues to rapidly expand on its existing footprint of 5,800 chargers installed across the U.S. and Canada.
“Given the U.S. economy’s focus on the clean energy transition and EnviroSpark’s focus on top-notch operations and service, they are poised for success,” said Paul Bowers, former chairman, president and chief executive officer of Georgia Power.
“EnviroSpark served as Georgia Power’s preferred partner during my tenure and I’m confident that they will continue to deliver for GPC and all of the utilities they serve.”
Former president and chief executive officer of Post Properties Dave Stockert added, “EnviroSpark offers a unique and customizable turnkey solution to property owners looking to meet the rapidly accelerating demand from tenants for convenient and reliable charging.”
A minority-owned business, EnviroSpark partners with property owners, utilities, nonprofits and governments to provide turnkey EV infrastructure solutions where people live and work, making the shift to electric practical for more consumers.
“As a seed investor, I was excited to invest in a company with a dynamic leader and team, a great marketplace to operate in, a strong track record and enormous growth potential,” said Frank Blake, former chairman and chief executive officer at The Home Depot.
With the additional funding, EnviroSpark will expand its services and increase its employee headcount by nearly four times.
“We have the perfect mix of investors and advisors, from Fortune 500 CEOs and entrepreneur founders of multi-billion-dollar companies to experienced institutional investors,” said EnviroSpark CEO and co-founder Aaron Luque.
“We are ecstatic to have their support as we build a cleaner, more sustainable future.”
“Thanks to an incredible team, exceptional offerings and dedicated investors, EnviroSpark’s potential is limitless,” added Kevin Mann, EnviroSpark board member and co-founder of Atlanta-based software company Call Rail.
Since its founding eight years ago, EnviroSpark has garnered the interest of top investors as a standout company in a rapid-growth industry.
“We are thrilled to support Aaron and his team to expand their footprint, product offerings and capabilities in a sector that is critical to de-carbonizing transportation,” said Kristian Hanelt, managing director of Ultra Capital.
“I’m so impressed with EnviroSpark’s experienced team, their business values and their efficiency,” added Tim Tassopoulos, president and chief operating officer of Chick-fil-A, Inc. “They are poised for long-term growth and success.”
EnviroSpark was recently awarded a federal government contract to design and install EV charging stations at federal agency locations throughout the Southeastern U.S. as part of a larger nationwide effort to expand EV infrastructure. The contract, which includes a $500 million dollar budget for the region, came from the General Services Administration (GSA). EnviroSpark was the only selected vendor in the 13-state region to receive an overall “excellent” technical ranking.
“The recent award of a substantial federal government contract is a testament to EnviroSpark’s track record of success,” said Mark Bonfigli, Dealer.com founder and former CEO.
“I see the company continuing to grow as an industry leader in the U.S. and, maybe, beyond.”
