EV Connect Secures $12 Million to Scale Cloud-Based Innovations for Electric Vehicle Charging
MITSUI & CO LTD ADR (MITSY)
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Source: PR Newswire
EL SEGUNDO, Calif., Oct. 22, 2019 /PRNewswire/ -- To lead the global electric vehicle (EV) charging infrastructure into a future that optimizes energy transfer, and opens up new revenue streams and business models around charging EVs, EV Connect today announced that it has closed a $12 million Series B funding round. Lead investors, Mitsui & Co., Ltd. and Ecosystem Integrity Fund, are joined by other venture investors to support the global expansion of EV Connect's flexible, open, cloud-based solutions to expand the world's EV charging ecosystem. This funding round brings the total capital raised by EV Connect to over $25 million, with more than 6,000 connectors under contract.In addition to taking an equity position in EV Connect, Mitsui has executed a commercial agreement to develop new business models around EV charging infrastructure, leveraging its global presence. Through its cloud-based software platform, EV Connect supports businesses and utilities in the optimization and mana
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