BOWIE, Md.--(BUSINESS WIRE)--SemaConnect, a top provider of electric vehicle charging infrastructure solutions to North American commercial, residential, and fleet markets, today announced it has received a substantial minority investment from Trilantic North America, a leading private equity firm. Founder and CEO Mahi Reddy and Chief Operating Officer Mark Pastrone continue to own a meaningful equity stake in the business and will lead the company through its next phase of growth. Funds managed by Pear Tree Partners, LP, which led previous rounds of financing, will also continue to own a significant minority stake in the company.
The rapid adoption of electric vehicles has created a paradigm shift in the way car owners approach refueling, which has led to significant demand for charging infrastructure in residential markets, commercial/workplace properties, and fleet depots that gives drivers the ability to charge while they park. With over 10 thousand smart charging stations sold to date nationwide, SemaConnect is one of the largest integrated electric vehicle charging providers supplying both charging hardware and cloud-based software, which creates a connected network across each of its stations.
“We’re incredibly proud of the integrated system we’ve created that enables site hosts to demonstrate their commitment to sustainability and leverage increasing electric vehicle adoption by adding a modern amenity for their tenants, employees, and guests,” said Reddy. “SemaConnect not only manages their stations, but also uses smart engineering and software controls to maximize performance.”
SemaConnect is a proven premier corporate partner and has trusted relationships with some of the most well-known commercial fueling brands and commercial real estate firms globally, including Gilbarco Veeder-Root, CBRE, and Electrify America. The investment from Trilantic North America will fuel the company’s expansion among its current commercial, residential, and fleet customer base, and will facilitate the growth of the SemaConnect team.
SemaConnect marks Trilantic North America’s debut investment within its new strategic focus on investing in businesses within the energy transition sector. Electric vehicle pioneer and industry veteran Tony Posawatz, who is currently President and CEO of auto tech consulting firm Invictus iCar LLC and previously led General Motors Co.’s Volt plug-in hybrid program and served as CEO of Fisker Automotive, has joined Trilantic North America as a new Senior Advisor to enhance its investments in the space. Posawatz will work closely with the SemaConnect team to support its growth.
“Our partnership with Trilantic North America and Tony Posawatz will enable us to further scale our platform, bolster our industry relationships, and serve the growing population of electric vehicle drivers,” said Pastrone. “They quickly understood our vision and the potential for SemaConnect and bring an exceptional track record of working alongside entrepreneurs to drive growth.”
“Mahi, Mark, and the entire SemaConnect team have built and grown an incredible system that is making the electrification of transportation at scale a reality,” said Glenn Jacobson, Partner at Trilantic North America. “SemaConnect exemplifies the kind of founder-led businesses we are passionate about partnering with at Trilantic North America, and we’re thrilled to support the company’s efforts to bring their system to even more customers.”
“I am very excited about this new partnership with SemaConnect, an emerging leader in the electric vehicle space, whose high-quality, innovative charging solutions not only provide customers with exceptional service but are rapidly growing in concert with the plug-in market,” said Posawatz.
SemaConnect is a leading provider of electric vehicle charging infrastructure solutions to the North American commercial, residential and fleet market. A complete EV support partner, SemaConnect delivers a truly modern property experience through innovative, elegantly designed charging stations and a robust and open network platform. The company has helped maximize property value and appeal through thousands of successful charging station deployments at Class A properties since its founding in 2008, for companies like CBRE, JLL, Hines, Greystar, Cisco Systems and Standard Parking. SemaConnect remains the preferred charging solutions partner to municipal, parking, multifamily, hotel, office and retail customers across the United States and Canada. For more information, visit www.semaconnect.com.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine’s 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.
About Pear Tree Partners
Pear Tree Partners, LP (“Pear Tree”), an affiliate of U.S. Boston Capital Corporation, invests in private placements of debt and equity securities of private companies through pooled investment vehicles called Focus Funds. It targets early and expansion stage companies seeking capital for launch and expansion. For more information, visit www.usboston.com.