American multinational transportation firm Uber Technologies has further boosted its support for the electric vehicletransition with millions of fresh funding for a startup seeking to solve the lack of charging infrastructures in the United States.
Uber backs itselectric’s curbside EV charging deployment plans
According to the press release, curbside electric vehicle charging startup itselectric has secured a $6.5 million round of funding led by ride-hailing giant Uber Technologies and Finnish-American venture capital fund Failup Ventures.
This new $6.5 million fund the company’s cumulative budget to an astounding $11.8 million.
The funding will fuel itselectric’s plans to speed up the deployment of its innovative curbside electric vehicle chargers in various cities across the US in 2024.
itselectric targets seven US cities for its planned curbside EV charging deployment project, including the following:
- Boston
- Los Angeles
- Detroit
- Jersey City
- San Francisco
Lack of charging stations seen as a major barrier to EV
The lack of sufficient and reliable charging infrastructures continues to impede the wider shift to electric vehicles in the US.
JD Power Data and Analytics Division’s Vice President Tyson Jominy previously explained that a “still-sparse” EV charging network has long been the “weak link” in the transition.
While home chargers can aid owners in replenishing the range of their EVs, Level 3 charging stations remain paramount for long-distance trips and large-scale adoption.
In fact, the US Department of Energy forecasts the EV industry to require 28 million chargers in the coming decade. Of that total, 1 million units will be publicly owned.
All these said, Brooklyn-based itselectric seeks to address this major EV adoption hurdle with its plans to deploy a substantial number of curbside chargers nationwide.
“…the lack of public charging is one of the leading barriers deterring drivers from making the transition from their current gas vehicles. At itselectric, our mission is to make charging easy, convenient, and affordable not only for drivers, but for cities, providing the pathway for everyone to go electric.”
Tiya Gordon, cofounder and COO of itselectric
itselectric will install on-street chargers that tap on electricity from neighboring buildings instead of the municipal electric grid. This strategy will enable the company to deploy these chargers quickly. It also alleviates the originally stringent permitting process. Moreover, it also offers additional income to building owners as they will share the earnings from the chargers with itselectric.
Uber’s EV goals
Uber’s move to invest in itselectric demonstrates its dedication to supporting the progressive adoption of electric vehicles in the US.
“We are thrilled to invest in itselectric as part of our push for an all-electric future. Electric rideshare drivers cut emissions up to four times more than regular motorists, but many lack off-street parking and home charging options. itselectric is innovating to address this and expand overnight curbside charging, helping more drivers confidently go electric, ease range anxiety, and boost earnings potential.”
Camiel Irving, GM of Uber US & Canada
itselectric’s curbside EV charging deployments will substantially aid Uber’s future operations as it seeks to achieve net zero by 2040.
Such public chargers would make it easier for Uber’s over 1 million drivers in the US. Of this total, 50% of them are not capable of acquiring their own home chargers.
Excitingly, itselectric cofounder Gordon disclosed that hundreds of the planned curbside chargers are ready to be deployed as early as this year. The company plans to kick off development by next week, starting with two units in Detroit.
