Kuwait-based global logistics company, Agility’s venture capital arm Agility Ventures has invested in Loop Global, a US-based leader in the development of hardware and software for electric-vehicle (EV) charging stations and networks.
Loop said in a statement that it would use the funds from Agility Ventures and other new investors to support its expansion and growth.
Loop has sold more than 7,000 charging stations worldwide through resellers and distributors that make up a combined network of over 750 electrical contractors.
The company’s next-generation EV charging solutions are currently being adopted by municipalities and some of the world’s largest commercial, retail, multi-tenant, fleet, and hospitality businesses, as per the statement.
“The net-zero transition is real, and it’s already in progress. Governments, businesses, and consumers around the world are spending to make greener choices, including on electric vehicles. But to achieve scale, we need to take an ecosystem view. It’s not anyone green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption. That’s what we like about Loop, it helps reduce the barriers to cleaner transport for more people.”
Mr. Dustin Cavanaugh, Co-Founder and CEO of Loop noted that, “Loop is streamlining this transition by making next-generation EV-charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.”
Agility has committed more than $170 million to investments in sustainable transportation, energy, and technology. Its portfolio includes investments in Hyliion, Frete, Volta Trucks, Swvl, and TVP Solar.