SALT LAKE CITY--(BUSINESS WIRE)--EPIC Ventures, in partnership with Blue Startups, announced today a seed capital investment in Volta Industries, a Honolulu-based provider of free-to-use, advertising-supported electronic vehicle (EV) charging stations. Financial terms of the investment were not disclosed; Volta has raised $1.875 million in funding to date. EPIC joins existing Volta investors Blue Startups, 500 Startups and Ulupono Initiative, the Hawaii-based social investment firm of eBay founder Pierre Omidyar.
Volta will use the investment to launch a station-finder mobile app and accelerate expansion of its EV charging network throughout North America. With a fast-growing presence in California and Arizona, nearly half of Volta’s approximately 50 EV charging units are located outside of the Hawaiian Islands, and that number is expected to increase dramatically in 2014.
“Volta is a very promising clean-tech investment concept,” said Kent Madsen, managing director at EPIC. “In addition to inventive uses of digital advertising that connect brands with desirable demographics, we were impressed by Volta’s management team and unique business model. We look forward to extending the reach of Volta’s network.”
Operating independent of government subsidies, Volta’s EV charging stations are available at no cost to EV drivers. The company’s EV charging network is supported by advertising partners, which sponsor charging units. The company plans, designs, constructs and installs charging stations in high-visibility locations such as shopping centers and movie theaters, providing convenient spots for EV drivers to stop, visit and charge their car.
“We are thrilled to find a strategic investment partner in EPIC,” said Scott Mercer, CEO and co-founder of Volta. “Innovation is the backbone of Volta and will continue to propel us forward. This capital infusion will help us address our organizational needs – increasing our presence in the Mainland and securing revenue-generating partnerships with advertisers.”
The Volta investment by EPIC is also the first by an institutional Mainland investor in a technology startup from Blue Startups, a Honolulu-based venture accelerator and investor in Volta.
“It is exciting to see Volta attract investors of EPIC’s caliber,” said Chenoa Farnsworth, managing director at Blue Startups. “In addition to delivering tremendous value for EV drivers and brands, Volta is educating consumers on energy-saving opportunities and raising awareness of the environmental benefits of electric vehicles.”
About EPIC Ventures
EPIC Ventures is a premier venture firm focused on early stage technology investments in Internet infrastructure, software and services and advance materials. EPIC helps to create companies, not just fund them. EPIC is focused on the Western States, as well as opportunities presented in Boston and NYC. EPIC typically syndicates its investments with the most well-known investors in the United States. EPIC's Fund IV is actively investing in creating the country's future information economy. For more information, please visit www.EPICvc.com.
About Volta Industries
Founded in 2010, Volta Industries LLC has a proven track record in the design and installation of EV charging projects in Hawaii, California and Arizona, including the first charging station for the State of Hawaii installed at the State Capitol in July 2011. Volta’s proprietary business model is the first of its kind worldwide, paving the way for Volta to be named Hawaii’s Innovative Company of the Year in 2012 and Best in Small Business in 2013. Through the Volta Network, Volta designs, installs and maintains the EV charging stations and provides the energy to the EV driver, all free of charge. For more information about Volta, please visit www.voltacharging.com or call (888) 2642208.