A Cincinnati-based electric vehicle infrastructure company helmed by a former Procter & Gamble executive has landed a key investor as it looks to accelerate the deployment of its technology nationwide.
EdgeEnergy, which manufacturers EdgeEV, a power source for EV fast chargers, said Tuesday New York-based C2 Ventures will lead its pre-A funding round. The company said it plans to use the money to scale to meet demand and at least double its team.
Ben Morris, director of sales and marketing for EdgeEnergy, said the company is in the process of pulling in additional investors. The goal is to close the round in the next 30-60 days at a target size of $1.7 million. So far, $1.4 million has been raised by C2 and others.
EdgeEnergy's technology, EdgeEV, a fully self-contained, plug-and-play system, serves as a power source at EV fast chargers located in “edge-of-grid locations,” or remote areas like state parks, small towns and rural resorts, expanding charging networks and solving one of the greatest barriers to EV adoption – range anxiety.
The company, led by president and founder Greg York, who is a P&G veteran, is working with station manufacturers and networks to deploy EV fast charging stations using its technology at pilot sites in West Virginia, Michigan, Ohio, Kentucky, Indiana and Tennessee.
It anticipates more than 100 installations in 2023.
"As the U.S. embarks on a massive expansion of electric vehicle charging station infrastructure, one of the biggest challenges is the compatibility of the grid itself,” Chris Cunningham, founder and managing partner of C2 Ventures, said in a release. “While there has been talk of upgrading the grid, with current costs between $100,000 and $300,000 per mile, this isn't even close to feasible. Enter EdgeEnergy. Their highly efficient technology can provide uninterrupted fast charging with any charging station or network, regardless of local infrastructure limitations."
EdgeEnergy, founded in 2020, is a spinout of Single Phase Power Solutions, which manufactures large single-phase electric motors.
EdgeEnergy said its technology allows for the installation of EV fast charging stations in locations where the power grid is insufficient or unavailable. Morris said more than half the country doesn’t have access to the three-phase power grid typically required.
The company manufacturers a single-phase power source for those charging stations. That can save station operators hundreds of thousands of dollars when deploying EV chargers. Its technology can also save states millions in power grid upgrades – potentially paving the way for additional charging stations to serve EV drivers across the country, per the release.
EdgeEnergy currently employs 10 and is based in Green Township, where it maintains a 21,000-square-foot manufacturing facility and research and development center. The funding round will help the company add 20-30 jobs in the next 12-18 months.
Besides York, who previously served as vice president of global logistics and supply chain for Asia at P&G, its leadership team includes CFO Jon Holland, former CFO/COO for London-based mobility tech company Laureti Mobility Group.
