LOS ANGELES--(BUSINESS WIRE)--Please replace the release dated October 3, 2022, with the following corrected version due to multiple revisions.
The updated release reads:
LOOP GLOBAL INC. SECURES $60 MILLION TO REDEFINE EV CHARGING INFRASTRUCTURE
Funding will expand operations across the US and globally to meet increased property owner demand for affordable turnkey electric vehicle charging station networks
Loop Global Inc., an electric vehicle (EV) charging infrastructure company that provides property owners a turnkey, profitable solution for deploying EV charging networks, today announced the completion of a $40 million Series A-1 funding round. Loop will use the funds to expand its US operations, continuing to provide support to all 50 US states and expanding beyond the 15+ countries the company already supports. The funding round was co-led by Fifth Wall Climate, the largest venture capital firm focused on technology for the global real estate industry, and Agility Ventures, the corporate venture arm of Agility, a global leader in supply chain services, infrastructure and innovation. Keystone National Group, a leading private credit firm, provided Loop with a $20 million senior-secured credit facility to support the company’s rapid growth.
“At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV charging infrastructure that is there to support it,” said Dustin Cavanaugh, Co-Founder and CEO of Loop. “Loop is streamlining this transition by making next generation EV charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.”
With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high, yet many property owners do not know where to begin when it comes to implementing the technology across their properties. Loop’s comprehensive suite of smart, simple and affordable EV charging products provide ready-made solutions for passive charging at home, work and on the go.
“By focusing on implementing charging networks where drivers are already spending the majority of their day, we are enabling consumers to eliminate the burden of having to go out of their way to refuel and allowing them to prioritize convenience above all else,” said Cavanaugh. “Loop has the vision of making EV charging affordable and accessible to the world by empowering property owners with turnkey solutions to create passive and profitable charging networks that prioritize convenience for EV drivers.”
To date, Loop has sold over 7,000 charging stations worldwide through its Network Partner Program, which consists of over 100 resellers and distributors that make up a combined network of over 750 electrical contractors. The company’s next generation EV charging solutions are currently being adopted by both national and international municipalities, as well as some of the largest commercial, retail, multi-tenant, fleet and hospitality businesses in the world including AvalonBay Communities and also Fifth Wall strategic limited partners such as Hudson Pacific Properties, and Starwood Capital.
“It’s no secret that electric vehicles are the future of the transportation sector,” said Peter Gajdoš, Fifth Wall Partner and Co-Lead of its Climate team. “Loop’s vision is to completely transform the delivery of turnkey EV charging networks through an end-to-end, cost effective solution which enables property owners to passively offer EV charging services to their tenants, employees or customers.”
"The net zero transition is real, and it's already in progress. Governments, businesses, and consumers around the world are spending to make greener choices, including on electric vehicles,” said Henadi Al-Saleh, Agility Chairperson. “But to achieve scale, we need to take an ecosystem view. It's not any one green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption. That's what we like about Loop; it helps reduce the barriers to cleaner transport for more people."
For more information, visit evloop.io.
Loop is one of the fastest growing electric vehicle charging network infrastructure companies in the world. The company provides turnkey hardware, software and ongoing operating service-based solutions that simplify and streamline the delivery of cost-effective public and private EV charging network infrastructure for commercial, multifamily residential, fleet and municipal real estate markets. Since their launch in 2019, Loop has grown to provide comprehensive EV charging solutions in all 50 US states as well as over 15 countries and growing.
About Fifth Wall:
Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.2 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Host Hotels & Resorts, Ivanhoé Cambridge, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
About Agility Ventures:
Agility is a global leader in supply chain services, infrastructure and innovation. With a workforce of 50,000+ across its group of companies, Agility has a footprint in six continents and is a pioneer in emerging markets. Agility owns and operates businesses that include the world’s largest aviation services company; the market leader in industrial warehousing and logistics parks in the Middle East, South Asia, and Africa; a commercial real estate business developing a $1.2 billion mega-mall in the UAE; a liquid fuel logistics business; and companies specializing in customs digitization, remote infrastructure services, e-commerce enablement, digital logistics, and more. Agility invests in innovation, sustainability and resilience, and owns stakes in listed and non-listed companies that are reshaping logistics and transportation, energy, e-commerce, and other industries. For more information about Agility, visit: www.agility.com
About Keystone National Group
Keystone National Group, LLC is a leading private investment firm active in private credit lending/leasing and real estate investment. Keystone’s private credit group provides senior corporate loans, asset-based lending, equipment finance and real estate construction lending. Having completed over 500 direct transactions, Keystone provides capital solutions in a wide variety of industries to companies throughout the U.S. Keystone has offices in Salt Lake City, UT and Dallas, TX. For more information, please visit www.keystonenational.com.