ChargeNet ‘Supercharges’ with $6.2M in Series Seed Funding
SAN FRANCISCO, January 10, 2022–(BUSINESS WIRE)–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.
ChargeNet Stations was co-founded by a trio of energy and engineering experts. Tosh Dutt, who serves as CEO, has an engineering background and is a subject matter expert in distributed energy resources and senior management. His fellow co-founders are COO Venus Jenkins, a chemical engineer with experience at San Onofre Nuclear Generating Station, an MBA from MIT and a woman who led the largest fiber infrastructure deployment project in Orange County, CA. and Rebecca Wolkoff, CTO, who holds degrees in both electrical and mechanical engineering, worked on Tesla’s electric car production and is an expert in energy storage optimization.
LACI’s Impact Fund (LIF) invests in cleantech companies operating across Southern California. ChargeNet is a member of LACI’s Innovators and Incubation Program and has joined LIF’s portfolio in creating an inclusive green economy through the reduction of GHG emissions.
ChargeNet is an AI driven software company. Our software platform creates a seamless opportunity for Quick Serve Restaurants to offer customers a superior EV charging experience in mere minutes. ChargeNet’s hardware-agnostic SaaS platform, ChargeOpt, optimizes EV chargers and renewable energy to transform parking lots into profit centers.
About Aligned Climate Capital
Aligned Climate Capital LLC is an asset manager investing exclusively in the people, companies, and real assets that are decarbonizing the global economy. Founded in 2019, Aligned is a dynamic and mission-driven firm that believes solving climate change is a unique opportunity to generate strong financial returns, while also achieving meaningful environmental and social impact. The team works at the intersection of finance, technology, and public policy with a particular focus on ESG metrics. For more information, please visit www.AlignedClimateCapital.com.