BC-based multi-family EV charging technology gets venture capital in seed round

November 3, 2022
Editor, Canadian auto dealer magazine

Plugzio, a British Columbia-based company which aims to be the premier end-to-end technology for scaling electric vehicle (EV) charging at multifamily properties, announced the close of its seed round led by RET Ventures—a leading, industry-backed venture fund focused on single family rental and multifamily real estate technologies.

“EV charging today is similar to laundry decades ago,” said Shawn Mahoney, Senior Advisor at RET Ventures. “Residents do not want to pay more for a shared EV charger, just like they do not want to go to a laundromat, and Plugzio solves this issue.”

This investment in Plugzio is the culmination of RET’s comprehensive evaluation of the EV charging space. In December 2021, RET launched a working group including over a dozen multifamily experts to explore EV charging technologies for multifamily properties. The group determined a focus on Level 1 (L1) charging with Level 2 (L2) support was the most suitable pathway to wide EV adoption for the multifamily industry, based on convenience, reliability, and affordability for both landlords and residents.

After assessing more than 20 platforms, the working group decided on Plugzio, an ideal end-to-end solution that provides both L1 and L2 hardware options with a hardware-agnostic, cloud-based charger management system that integrates with established L2 providers.

“With Plugzio, residents can take advantage of off-peak rates with a guaranteed overnight charge in their dedicated spot, all while they sleep,” said RET Vice President Jameson Hartman, who led the working group. “If they need more power, Plugzio can provide L2 options or integrate with L2 chargers already at multifamily properties.”

Notably, lifetime costs for Plugzio’s L1/1B chargers are 80 per cent lower than other EV charging options—a Plugzio device can be installed for under $500 and maintained by onsite staff without the need for a certified technician—which enables property owners to quickly and easily scale this solution. Since its launch four years ago, Plugzio has rapidly established itself as one of the leading EV solutions for the multifamily space, with more than 1,000 units deployed throughout North America.

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