NYC chose It's Electric in July to replace its pilot with 700 permanent curbside EV chargers citywide over three years. Founder Tiya Gordon withheld the news during bridge fundraising, saying she wanted investors to benefit from a higher future Series A valuation.
The city made the selection public on Sept. 15. The bridge round closed oversubscribed in September, led by Halogen Ventures, bringing total funding to $15 million; It's Electric has not raised a Series A. Gordon says venture capital covers operating costs, while the company is assembling project financing and other funds that do not dilute ownership for hardware and installation. The New York Green Bank, NYCEEC and Philadelphia Green Capital Corporation have provided letters of support, not term sheets, for its first project-finance package.
The chargers draw power from nearby buildings or utility poles, avoiding a new utility connection, excavation and an interconnection wait of more than a year. It's Electric says 54 chargers are live across seven cities; Philadelphia authorized up to 1,000 curbside chargers in May. A $1.1 million California Energy Commission grant supports a bidirectional curbside charger under development with UC Berkeley and the University of Delaware, designed to return EV power to the grid.
