Volta Industries receives $200,000 investment from Hawai‘i Angels
HONOLULU – www.VoltaCharging.com – Volta Industries today announced it has received a $200,000 investment from Hawai‘i Angels, an investment network for seed-level private equity investors in Hawai‘i to share investment opportunities, expertise and due diligence .
"Hawai‘i Angels was very impressed with the Volta management team and their unique business plan,” said Chenoa Farnsworth, Hawai‘i Angels Managing Director. “Volta has put together an approach to getting electric vehicle charging stations into the market that creates a win-win for both property owner and car owner. While Hawai‘i has been a great testing ground for the company, they are intent on developing a global business, and we are excited to support them in these endeavors."
Volta will use the money to export the Volta Network, a community-sponsored, free-to-use electric vehicle (EV) charging network, first to California this year, followed by an expansion nationwide. Volta designs, installs and maintains EV charging stations for properties, and provides the energy to the EV driver, all free of charge. Companies then purchase a sponsorship of the vTower, an aesthetically pleasing charging kiosk that can support a sponsor both on the front and the back. The stations are designed by Volta and provide approximately 15 to 20 miles worth of range per hour of charging.
“In addition to adding to the Volta Network in Hawai‘i, we want to decisively establish a presence in EV-friendly mainland regions by installing at well-known retail properties primarily on the west coast,” said Scott Mercer, Volta Industries CEO and Co-Founder. “With the investment funds, we can speed up our plans to build city-wide networks of free EV charging stations at a select set of cities nationwide.”
Volta President Christopher Ching moved to California this summer, and currently is developing projects with California property owners, with the goal to install 30 kiosks by year’s end.
“We want this to create a greater impact than just providing a service to EV drivers,” said Christopher Ching, Volta Co-Founder and President. “Our goal is to excite people about electric vehicles and clean-tech in general.”
Electric vehicle sales have been strong in Hawai‘i; the state saw the highest per-capita sales of electric vehicles in the nation in 2011. There are 891 electric cars registered on Oahu, according to state figures as of July 31, 2012. According an article October 1, 2011 in the Los Angeles Times, California had nearly 100,000 electric cars registered with the California Department of Motor Vehicles.
About Volta Industries
Founded in 2010 by Hawai‘i entrepreneurs Chris Ching and Scott Mercer, Volta Industries LLC has a proven track record in the design and installation of EV charging projects in Hawai‘i and California, including the first charging station for the State of Hawai‘i installed at the capitol in July 2011. Volta’s proprietary business model is the first of its kind worldwide. Through the Volta Network, powered by Eaton, Volta designs, installs and maintains the EV charging stations and provides the energy to the EV driver, all free of charge. For more information about Volta, please visit www.voltacharging.com or call (888) 264-2208.
About Hawai‘i Angels
Hawai‘i Angels provides a forum for members (accredited investors) to review investment presentations and share opinions about these opportunities. This forum also allows for networking with professionals of various backgrounds, and exploring new opportunities in Hawai‘i. For more information about the Hawai‘i Angels, please visit www.hawaiiangels.org
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