SWTCH
Overview
SWTCH, founded in 2016 and based in Toronto, Canada, specializes in electric vehicle (EV) charging solutions tailored for multifamily, commercial, and workplace properties across North America. The company leverages existing grid infrastructure to deploy scalable, cost-effective EV charging systems. With its advanced energy management platform, SWTCH optimizes charging capacity and revenue generation for property owners. The company was co-founded by Carter Li, Mike Gillespie, and Laura Bryson and has raised over $40 million in funding as of April 2024, with the latest Series B round amounting to $27.2 million.
Recent Developments
- April 2024: SWTCH secured $27.2 million in a Series B funding round led by Blue Earth Capital, with participation from other notable investors such as Alantra’s Energy Transition Fund and Active Impact Investments. This funding aims to accelerate the deployment of EV charging solutions, particularly in multi-residential buildings, and to enhance the company’s core technology utilizing machine learning and artificial intelligence.
- 2023: SWTCH experienced impressive growth in its charging network, expanding it tenfold since the Series A funding round. The company also focused on enhancing its energy management solution, SWTCH Control, which helps property owners manage electrical loads for optimal EV charging.
- Partnerships and Recognition: SWTCH was recognized for its innovation and technological leadership by achieving OCPP 2.0.1 certification for its charging solutions. The company also formed strategic partnerships to deploy EV chargers widely, notably across Quebec, in collaboration with Bectrol.
- Survey Results: A recent survey by SWTCH highlighted the significant impact of EV charging infrastructure on vehicle ownership within multi-family properties. The findings revealed residents are 2.5 times more likely to own an EV if home charging is available, underscoring the demand for accessible charging solutions in residential communities.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2016 |
| Headquarters | Toronto, Ontario, Canada |
| Founders | Carter Li, Mike Gillespie, Laura Bryson |
| Revenue | Not disclosed |
| Profits | Not disclosed |
| Key Investors | Blue Earth Capital, Alantra Energy Transition Fund, Active Impact Investments |
| Industry | Electric Vehicle Charging Solutions |
| Number of Employees | Approximately 98 |
Early History
SWTCH was established in 2016 with the vision of transforming the traditionally challenging process of deploying EV charging infrastructure in multi-tenant and commercial buildings. The company initially focused on leveraging existing grid infrastructure to minimize installation costs and maximize accessibility. By 2018, SWTCH had developed advanced management software that enhanced the functionality and efficiency of deployed charging stations. In its early years, SWTCH successfully navigated various technological challenges associated with multi-vehicle charging systems, gaining traction within North America's emerging EV market.
Company Profile and Achievements
SWTCH’s business model revolves around providing turnkey solutions for EV charging in multi-tenant buildings. The company offers a suite of services, including intelligent load management and an app for managing and optimizing energy usage. Key achievements include:
- Series B Funding Success: The latest funding round, which raised $27.2 million, marks a significant milestone for SWTCH, providing the necessary capital to expand its North American network.
- Technological Innovation: SWTCH's energy management platform, SWTCH Control, allows for the monitoring and management of building electrical capacity to support a greater number of EVs without costly infrastructure upgrades.
- Strategic Partnerships: Collaboratively, SWTCH has established partnerships to integrate its charging solutions with leading software platforms, ensuring seamless management for property owners.
- Market Influence: As EV adoption increases, SWTCH has positioned itself uniquely to capitalize on emerging right-to-charge laws, ensuring its solutions remain compliant and forward-thinking.
Current Operations and Market Position
Currently, SWTCH operates as a leader in the EV charging sector, focusing on the North American market. Its emphasis on integrating charging networks with existing infrastructures gives it a competitive edge. SWTCH’s strategic initiatives focus on scaling its deployment capabilities, utilizing machine learning to refine its solutions, and expanding its user base across multifamily and commercial properties. The company plays a pivotal role in the market, evidenced by its top-ranking Tracxn score and its growing list of high-profile clients, including real estate giants such as First Capital and Kingsett Capital.
Conclusion
SWTCH stands at the forefront of the EV charging industry, providing cutting-edge solutions for multifamily and commercial properties across North America. By addressing the pressing need for scalable, cost-effective charging solutions, SWTCH contributes significantly to the broader electric mobility transition. As policies continue to favor EV-ready infrastructures and consumer demand for environmentally friendly options increases, SWTCH is well-positioned for future growth, aiming to make EV charging accessible in even the most challenging environments.