EV Charging Company EnviroSpark Secures $50 Million Investment from Basalt Infrastructure Partners

3 May 2024

National electric vehicle (EV) charging company EnviroSpark Energy Solutions announced it has secured a $50 million investment by funds advised by Basalt Infrastructure Partners LLP ("Basalt"), a leading mid-market infrastructure equity investment firm focusing on investments in Europe and North America. This investment will fuel EnviroSpark's mission to revolutionize the EV charging landscape, enabling the Company to rapidly expand its owned and operated network across the US, innovate its cutting-edge technologies and further enhance the accessibility and sustainability of EV infrastructure.

Building upon the momentum of its $15M funding round led by Ultra Capital in 2022, Georgia-based EnviroSpark has established itself as a key player in the EV charging market. With a broad footprint of over 8,200 charging plugs across North America, the Company is well-positioned to further advance the adoption of electric mobility.

"Securing this substantial funding milestone marks a pivotal moment for EnviroSpark," said Aaron Luque, co-founder and CEO of the Company. "With strategic support from Basalt, we are poised to accelerate our mission of fostering sustainable transportation solutions. This investment not only fuels our expansion efforts but also reinforces our commitment to making electric mobility accessible and convenient for all."

"As part of our strategy to invest in compelling scale-up opportunities in low carbon infrastructure, Basalt is delighted to be partnering with EnviroSpark to help drive their next phase of growth in delivering long-term sustainable EV charging solutions to customers across North America," said Andrew Marsden, Basalt's Head of Energy Transition. "EnviroSpark's industry leading team is accelerating the build out of the EV-charging network across North America at this pivotal time for the clean transportation sector and we are proud to be sharing in their mission."

EnviroSpark continues to solidify its position as a leader in the EV charging industry through strategic partnerships and innovative initiatives. The Company has recently cultivated strategic partnerships with industry leaders across various sectors, including RaceTrac, Waffle House, IHG Hotels & Resorts, Ford Dealerships, HHHunt, and Asset Living. In addition to longstanding partnerships with Tesla, Volkswagen, Volta (recently acquired by Shell), and Starwood Capital Group, the company has also partnered with the U.S. Federal Government through the General Services Administration, which underscores EnviroSpark's dedication to driving widespread commercial and government EV adoption by addressing critical infrastructure needs.

EnviroSpark also acknowledges its recent achievements in securing National Electric Vehicle Infrastructure (NEVI) awards in Georgia and Tennessee. Selected by the Georgia Department of Transportation (GDOT), EnviroSpark will construct significant DCFC charging projects in Tifton and Metter, Georgia, alongside installations at a Waffle House in Lakeland, Tennessee, chosen by the Tennessee Department of Transportation (TDOT). These awards funded by the Federal government through the Bipartisan Infrastructure Law further exemplify EnviroSpark's commitment to fostering innovation and sustainability in the electric vehicle infrastructure domain, driving towards a future of accessible and eco-friendly transportation solutions.

About EnviroSpark Energy Solutions
Founded in Atlanta GA by Aaron and Stephanie Luque in 2014, EnviroSpark is an industry leader in the turnkey design, installation and operation of EV charging solutions. The company was founded with two missions: to raise awareness around the benefits of electric vehicles and to build a more robust EV charging infrastructure. Responsible for more than 8,200 installations of charging plugs across North America to date, EnviroSpark addresses the pain points of property owners and drivers by enhancing EV accessibility in customer-friendly ways. Visit www.envirosparkenergy.com for more information.

About Basalt Infrastructure Partners
Basalt is an infrastructure equity investment firm focusing on investments in utilities, energy, transport and digital infrastructure in Europe and North America. Funds advised by Basalt have made over 30 infrastructure investments in Europe and North America since 2013. For more information on Basalt please visit www.basaltinfra.com