Finance

ChargeLab has secured capital to provide software services to run the electric vehicle charging facilities

The increasing investment in electric vehicles has made various companies design ways to maintain their share in the market. Some companies are establishing themselves as developers of charging infrastructure to sustain the industry. A perfect example is ChargeLab which secured $4.3 million through its financial procedure involving Construct Capital and Root Ventures.

The company plans to be the software provider for chargers made by key players in the industry. The chief executive officer of ChargeLab, Zachary Lefevre, stated that every company identifies its niche and establishes itself to offer its services. Lefevre compared Tesla to Apple because of its ecosystem nature. On the other hand, ChargePoint and Blink are like the Blackberries of the electric vehicle charging companies. Lefevre stated that they are trying to emulate Android in the market.

Lefevre explained that they develop software for various electric-vehicle industry manufacturers like Siemens, Schneider Electric, and ABB. These companies are renowned hardware developers. ChargeLab has penned a contract with ABB to provide software services as the company explores the electric-vehicle market. ABB will utilize this opportunity to deploy its electric vehicle charging utility in North America. Companies like REEF and Metropolis are restarting their garages and parking areas to service the new electric vehicles. The head of ChargeLab is optimistic that the software can kickstart their electric vehicle charging services as they start developing more facilities offering these services.

Lefevre outlined that he had to understand the electric vehicle charging market while serving other companies’ needs. Initially, ChargeLab had garnered $1.1 million from companies that supported its investment programs like Urban.us and Notation Capital. The inclusion of Construct Capital and Root Ventures raised the company’s capital, according to Lefevre. The executive hinted that the company intends to integrate with ChargePoint and Electrify America to promote the charging technology and ensure they gain from these processes. This move will enable the company to expand and acquire a more significant market share than it had before venturing this project. Moreover, the inclusion of the other services into the market will unravel new opportunities that the company can exploit for growth.

Lefevre emphasized that companies are more inclined to develop the hardware for their entry into the electric market instead of providing software development and installation services. Additionally, companies can venture into electric vehicle charging stations’ development because the industry is heading towards electric vehicles. Therefore, ChargeLab can provide software services while securing its position in the market with this technology.

This post was originally published on Downey Magazine

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