SWTCH Energy, a Toronto-based electric vehicle charging company, raised CA$1.1 million to expand its product and service offerings to metropolitan areas across North America.
The company aims to establish itself as a main component to urban EV ownership and even become the leading EV charging and energy management platform for high-population urban environments.
“SWTCH’s mission is centred on realizing the social, economic, and environmental benefits of widespread EV adoption,” said Carter Li, CEO of SWTCH. “Limited access to EV charging infrastructure in high-density urban settings remains a key barrier to increased EV adoption.”
Li said the company’s latest round of financing will help accelerate its growth in new urban markets across North America while adding charging accessibility in major metropolitan areas. The $1.1 million brings the company’s latest round to $3.5 million in equity, grant and non-dilutive funding, said SWTCH.
The round was led by the IBI Group and included Active Impact Investments, Cogito Capital, Export Development Canada, and Ontario Centres of Excellence as co-investors.
