POSTED: 08:32 a.m. HST, Aug 17, 2012
Honolulu-based Volta Industries has received a $200,000 investment from a Hawaii Angels, a local seed-level private equity fund.
Volta will use the funding from Hawaii Angels to expand its free-to-use electric vehicle charging network, first to California this year, followed by an expansion nationwide, according to a news release from the company.
“Hawaii Angels was very impressed with the Volta management team and their unique business plan,” said Chenoa Farnsworth, Hawaii Angels managing director.
Volta designs, installs and maintains EV charging stations for properties, and provides the energy to EV drivers, all free of charge. Companies then purchase a sponsorship of the Volta charging kiosk that features advertising from 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 Hawaii, 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 chief executive officer and co-founder.
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.
Electric vehicle sales have been strong in Hawaii; 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. California had nearly 100,000 electric cars registered with the California Department of Motor Vehicles, according to a recent article in the Los Angeles Times.