Bolt.Earth Secures $20 Million Funding to Expand EV Charging Infrastructure
Bolt Earth's Secures $20 Million Funding to Expand EV Charging Infrastructure
Union Square Ventures leads the investment round, with Prime Venture Partners, ITIGO Funds, and others participating.
In a significant development for the electric vehicle (EV) charging infrastructure sector, Bolt Earth's has successfully raised $20 million in a funding round led by Union Square Ventures. The company's impressive track record and innovative approach have attracted visionary investors, including Prime Venture Partners and ITIGO Funds. This substantial funding injection will fuel Bolt Earth's ambitious expansion plans, which include enhancing its charging network, developing cutting-edge products, strengthening its operating system, and recruiting top talent across various domains.
Driving EV Charging Network Expansion
Bolt Earth's has been on a remarkable journey in the EV charging space, recently surpassing an impressive milestone of 30,000 EV charging points on its network. The company is on a mission to democratize EV charging accessibility, and it is achieving this goal by rapidly adding approximately 500 charging points every month. This growth is instrumental in catering to the diverse charging needs of EV users, offering a comprehensive range of charging options, from slow to fast charging, with power outputs ranging from 3.3 kW to a staggering 240 kW.
Mohit Yadav, Co-founder of Bolt Earth's expressed his enthusiasm for the investment, saying, "We are thrilled to have the backing of visionary investors who share our passion for transforming the EV ecosystem.
The current $20 million fund-raise is a part of the company's plan to further its reach to every nook and corner of the country and to begin the era of 'Make in India' EV charging infrastructure products in the global market.”
Bolt Earth's Contribution to EV Charging Infrastructure
Founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Bolt Earth's has carved a niche as a prominent player in the EV charging infrastructure landscape. The company caters to many customers, including individuals, businesses, real estate firms, fleet operators, and government entities. Its comprehensive suite of solutions encompasses EV charging points deployed across cities, towns, residential and commercial buildings, and highways.
Bolt Earth's offers a diverse array of charging devices, covering both slow and fast charging needs, with power outputs ranging from 3.3 kW to 120 kW. Its Charger Management System (CMS) dashboard sets the company apart. This sophisticated tool enables efficient tracking and monitoring of charging deployments, ensuring a seamless charging experience for EV users.
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The company has forged strategic partnerships with major organizations and government bodies, including Hindustan Petroleum Corporation Limited (HPCL), Delhi Metro Corporation (DMRC), Bengaluru Metro Rail Corporation (BMRCL), and Indian Oil Corporation Ltd. (IOCL).
It has also collaborated with corporate giants like Cyient and LTI Mindtree and prominent real estate developers such as Prestige, Sobha, and Divyasree.
These partnerships allow Bolt Earth's to offer tailored charging solutions for two-wheelers, three-wheelers, and four-wheelers.
A Game-Changing Operating System for OEMs
In addition to its EV charging network, Bolt Earth's has introduced an Operating System, a sophisticated connected platform technology designed to empower Original Equipment Manufacturers (OEMs). This operating system facilitates the development, operation, and monitoring of charging networks and vehicles, offering a comprehensive solution for OEMs looking to navigate the rapidly evolving EV landscape.
Jyotiranjan Harichandan, Co-founder of Bolt Earth, highlighted the company's ongoing expansion efforts, stating, "We are also continuously expanding our charging network at a rate of approximately 2,000 new charging points per month. Additionally, we hold over 50% market share in India's EV charging network and play a dominant role in India’s EV Operating System nexus with our deployed chargers and software-defined vehicles.”
Bolt Earth's latest funding success is a testament to its remarkable journey in the EV charging infrastructure sector; it's a significant milestone that will accelerate the transition to sustainable and accessible EV charging solutions.
As the company continues to expand its network and offerings, it is poised to play a pivotal role in shaping the future of EV charging in India and across Asia, Europe, South America, and Latin America.
Bolt Earth's commitment to innovation and its customer-centric approach will undoubtedly make EV charging more accessible and efficient for all.