Volta Industries Raises $7.5M To Expand Its Charging Network
Soon there will be a lot more Volta charging stations in the US, as Volta Industries raised $7.5 million to expand the business.
The plan is to increase the number of points from over 100 (in San Francisco, Los Angeles, San Diego, Phoenix and Honolulu) to 400 by the end of this year, as well as to enter new markets. Volta already planed the expansion over year ago, but it seems the company needed more time to secure capital.
And in case of Volta, we are talking about always free Level 2 chargers in an attractive-looking package with some ads.
Scott Mercer, co-founder and CEO of Volta, said that charging stations and installation are free for property owners (like shopping malls and grocery stores), because revenue comes from advertising.
“Volta is offering the equipment and installation free to property owners. It then sells the advertising space on each charging station with contracts that range from six months to 1 year, Mercer said. He declined to disclose the fees, which depend on the location and estimated foot traffic, which is usually provided by property owners.
Ad buyers come up with their own advertising campaigns. The one done by Monterey Bay Aquarium in California featured jelly fish and a slogan, “Go with the current.” Sungevity, which sells solar panel installation service and financing, along with Whole Foods, Nissan, Oakland A’s and Macy’s M +1% are also among Volta’s customers.”
“The thesis is that we can command a premium over other advertising mediums because of the engagement component. The big question we are looking to solve is how much is that premium?”
Well, we would definitely give it a try. Beside charging stations, Volta intends to release an app for its network.