Agility invests in e-mobility supplier
Agility Ventures, the venture capital branch of Kuwait-headquartered Agility, has invested in Loop Global, a USA-based developer of hardware and software for electric-vehicle (EV) charging stations and networks.
Loop, which operates in all 50 US states and more than 15 countries, will use the funds from Agility Ventures and other new investors to support its expansion and growth. So far, the developer has sold more than 7,000 charging stations worldwide through resellers and distributors that make up a combined network of over 750 electrical contractors.
“At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV-charging infrastructure that is there to support it,” said Dustin Cavanaugh, co-founder and CEO of Loop.
With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure will be high. Agility claims to have currently committed more than USD 170 million to investments in sustainable transportation, energy, and technology. (sh)