Charging Ahead: Itselectric's Vision for Urban EV Infrastructure** **
July 25, 2024, 9:35 am
Location: United States, New York
Employees: 1-10
Founded date: 2021
Total raised: $8.7M
**
The electric vehicle (EV) revolution is here, and itselectric is at the forefront. This Brooklyn-based company recently secured $6.5 million in seed funding, bringing its total investment to $11.8 million. With backing from notable investors like Failup Ventures and Uber Technologies, itselectric is poised to transform urban charging infrastructure across the United States.
The landscape of transportation is changing. EV sales in the U.S. have skyrocketed, quadrupling in just four years. As of now, over four million electric vehicles are cruising American roads. Yet, the charging infrastructure has not kept pace. The U.S. currently boasts around 170,000 public charging ports, a 70% increase from previous years. However, experts predict that by 2030, the nation will need a staggering 28 million charging ports to accommodate over 30 million EV drivers.
This is where itselectric steps in. The company’s mission is clear: make charging easy, convenient, and affordable for everyone. Their innovative approach involves installing Level-2 charging posts that connect to existing electrical supply in nearby buildings. This “behind-the-meter” strategy eliminates the need for lengthy utility permitting processes, allowing installations to occur at zero cost to property owners or cities. In just 48 hours, a new charging station can be operational, ready to serve urban drivers.
The urgency of this mission is underscored by recent climate data. 2023 was the hottest year on record, with transportation being a significant contributor to greenhouse gas emissions. Transitioning to electric vehicles is crucial for reducing these emissions. However, the lack of accessible public charging remains a major barrier. Many potential EV drivers live in urban areas without off-street parking, making it difficult to charge their vehicles at home. Itselectric aims to bridge this gap, providing curbside charging solutions that empower city dwellers to go electric.
The company’s funding will support deployments in seven U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco. This expansion aligns with new legislation in states like California and New York, which mandates that rideshare drivers transition to electric vehicles by 2030. As rideshare services like Uber push for a greener fleet, itselectric’s infrastructure will play a vital role in facilitating this transition.
Itselectric’s business model is a win-win. Property owners benefit from the installation of charging stations at no cost, while also receiving a share of the revenue generated from the chargers. This creates a sustainable economic model that supports both clean transportation and local communities. The company’s commitment to safety and quality is evident in its UL-certified detachable cable EV charger, designed to enhance the user experience.
The potential market for itselectric is vast. The global EV market was valued at approximately $185 billion in 2021 and is projected to reach $980 billion by 2028. The demand for charging infrastructure is driven by government estimates that 25% of drivers lack access to off-street parking. This translates to around 70 million vehicles in the U.S. that will require charging solutions as they transition to electric.
Itselectric is not just another tech startup; it’s a pioneer in addressing the infrastructural and environmental justice barriers that cities face. By focusing on frontline and disadvantaged communities, the company is committed to making EV charging accessible to all. This approach not only promotes sustainability but also fosters economic growth in urban areas.
As itselectric gears up for its expansion, the company faces challenges typical of a startup in a competitive landscape. However, its innovative solutions and strategic partnerships position it well for success. The backing from influential investors signals confidence in its vision and potential for growth.
The road ahead is promising. Itselectric plans to scale its operations, creating satellite offices and expanding its team to meet the demands of its ambitious deployment schedule. The company is laser-focused on its mission: to make charging easy, convenient, and affordable for everyone.
In a world increasingly aware of climate change, itselectric stands as a beacon of hope. By revolutionizing urban charging infrastructure, it is not just facilitating the transition to electric vehicles; it is paving the way for a cleaner, greener future. The journey is just beginning, but with each charging station installed, itselectric is charging ahead—one city at a time.
As cities evolve, so too must their infrastructure. Itselectric is leading the charge, ensuring that urban drivers have the tools they need to embrace the electric future. With a commitment to innovation and community, itselectric is not just changing how we charge; it’s changing how we think about transportation in our cities. The future is electric, and itselectric is driving the change.
The electric vehicle (EV) revolution is here, and itselectric is at the forefront. This Brooklyn-based company recently secured $6.5 million in seed funding, bringing its total investment to $11.8 million. With backing from notable investors like Failup Ventures and Uber Technologies, itselectric is poised to transform urban charging infrastructure across the United States.
The landscape of transportation is changing. EV sales in the U.S. have skyrocketed, quadrupling in just four years. As of now, over four million electric vehicles are cruising American roads. Yet, the charging infrastructure has not kept pace. The U.S. currently boasts around 170,000 public charging ports, a 70% increase from previous years. However, experts predict that by 2030, the nation will need a staggering 28 million charging ports to accommodate over 30 million EV drivers.
This is where itselectric steps in. The company’s mission is clear: make charging easy, convenient, and affordable for everyone. Their innovative approach involves installing Level-2 charging posts that connect to existing electrical supply in nearby buildings. This “behind-the-meter” strategy eliminates the need for lengthy utility permitting processes, allowing installations to occur at zero cost to property owners or cities. In just 48 hours, a new charging station can be operational, ready to serve urban drivers.
The urgency of this mission is underscored by recent climate data. 2023 was the hottest year on record, with transportation being a significant contributor to greenhouse gas emissions. Transitioning to electric vehicles is crucial for reducing these emissions. However, the lack of accessible public charging remains a major barrier. Many potential EV drivers live in urban areas without off-street parking, making it difficult to charge their vehicles at home. Itselectric aims to bridge this gap, providing curbside charging solutions that empower city dwellers to go electric.
The company’s funding will support deployments in seven U.S. cities in 2024, including Boston, Los Angeles, Detroit, Jersey City, and San Francisco. This expansion aligns with new legislation in states like California and New York, which mandates that rideshare drivers transition to electric vehicles by 2030. As rideshare services like Uber push for a greener fleet, itselectric’s infrastructure will play a vital role in facilitating this transition.
Itselectric’s business model is a win-win. Property owners benefit from the installation of charging stations at no cost, while also receiving a share of the revenue generated from the chargers. This creates a sustainable economic model that supports both clean transportation and local communities. The company’s commitment to safety and quality is evident in its UL-certified detachable cable EV charger, designed to enhance the user experience.
The potential market for itselectric is vast. The global EV market was valued at approximately $185 billion in 2021 and is projected to reach $980 billion by 2028. The demand for charging infrastructure is driven by government estimates that 25% of drivers lack access to off-street parking. This translates to around 70 million vehicles in the U.S. that will require charging solutions as they transition to electric.
Itselectric is not just another tech startup; it’s a pioneer in addressing the infrastructural and environmental justice barriers that cities face. By focusing on frontline and disadvantaged communities, the company is committed to making EV charging accessible to all. This approach not only promotes sustainability but also fosters economic growth in urban areas.
As itselectric gears up for its expansion, the company faces challenges typical of a startup in a competitive landscape. However, its innovative solutions and strategic partnerships position it well for success. The backing from influential investors signals confidence in its vision and potential for growth.
The road ahead is promising. Itselectric plans to scale its operations, creating satellite offices and expanding its team to meet the demands of its ambitious deployment schedule. The company is laser-focused on its mission: to make charging easy, convenient, and affordable for everyone.
In a world increasingly aware of climate change, itselectric stands as a beacon of hope. By revolutionizing urban charging infrastructure, it is not just facilitating the transition to electric vehicles; it is paving the way for a cleaner, greener future. The journey is just beginning, but with each charging station installed, itselectric is charging ahead—one city at a time.
As cities evolve, so too must their infrastructure. Itselectric is leading the charge, ensuring that urban drivers have the tools they need to embrace the electric future. With a commitment to innovation and community, itselectric is not just changing how we charge; it’s changing how we think about transportation in our cities. The future is electric, and itselectric is driving the change.