Germany-Based HeyCharge’s Underground Charging Solution Raises $4.7M

January 21, 2022 | 2 minutes read

To enable electric vehicles to overcome the problem of charging, Heycharge’s underground charging solution has raised $4.7 million.

Transport sector is one of the largest contributor in the carbon emissions. As per the findings of UNEP transport sector is responsible for one quarter of all GHG emissions. Electric vehicles were introduced to reduce the carbon footprint of transport sector. However, this sector faced a big challenge of charging. With the aim to solve the charging issue of electric vehicles, Heycharge has raised $4.7 million in the latest funding round.

The latest funding round was led BMW i Ventures. Statkraft Ventures, the venture capital arm of Statkraft, a large European generator of renewable energy also participated in the round.

EV charging is becoming a big business these days. One of the largest players in this industry is ChargePoint – the floated US company with a widespread charging network.

The problem that this Germany-based startup aims to address is that how electric vehicles can be charged in underground carparks. This is the same place where roughly 80% of the charging activity takes place. The actual problem here is that EV smart charging requires a good internet connection which is not possible underground.

To address this problem, HeyCharge has developed a SecureCharge technology. This technology does not require an on-site internet connection at all. It simply requires a Bluetooth connection. This enables the platform to provide a unique and easy solution to the problem.

Chris Carde, CEO of HeyCharge, said: “With 40% of Europeans and 37% of US renters living in apartment buildings, there is a large section of the population for whom going electric is too difficult because they can’t charge at home. HeyCharge’s solution makes EV charging not just scalable but also more cost-effective and accessible so that you can EV charge wherever you live or work.”

 

Story Credits: TechCrunch