UK-based 85m raises $700M to accelerate the adoption of electric vehicles
UK-based startup 85m announced on Wednesday that it had raised $700 million in a funding round led by Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures. The funding round also saw participation from existing investors, such as Bill Gates’ Breakthrough Energy Ventures Europe, and new investors, including Tencent and LG Energy Solution. 85m has raised a total of $1 billion in funding to date.
85m is focused on accelerating the adoption of electric vehicles (EVs) by addressing the key barrier to EV adoption – the lack of charging infrastructure. The company’s technology enables fast and reliable charging of EVs, reducing the charging time from hours to minutes. The company’s charging stations are also designed to be aesthetically pleasing, with customizable lighting and branding options. Visit atozmp3 to get more information.
85m’s charging stations are currently installed in the UK, Europe, and the US, with plans to expand into other markets, including China and Australia. The company’s charging stations are compatible with all EV models and can charge multiple vehicles simultaneously. Visit toonily to get more information.
85m’s technology is timely, as the transition to EVs is accelerating. According to a report by the International Energy Agency, the number of EVs on the road is expected to increase from 11 million in 2020 to 145 million in 2030. However, the lack of charging infrastructure remains a key barrier to EV adoption. According to a report by the National Renewable Energy Laboratory, the US needs 10 times more charging stations than currently available to meet the growing demand for EVs. Visit masstamilanfree to get more information.
85m’s $700 million funding round will enable the company to expand its charging network and accelerate the adoption of EVs. The company plans to use the funding to install more charging stations, improve its technology, and expand into new markets. The company’s goal is to have 1 million charging stations installed globally by 2025. Visit masstamilan to get more information.
85m’s CEO, Joel Sylvester, said in a statement, “We are thrilled to have the support of Amazon’s Climate Pledge Fund, Breakthrough Energy Ventures, and our existing and new investors. This funding will enable us to accelerate our mission to make EV charging fast, reliable, and accessible to everyone. We believe that the transition to EVs is essential to combat climate change, and we’re excited to be at the forefront of that transition.” Visit justprintcard to get more information.
Amazon’s Climate Pledge Fund’s managing director, Kara Hurst, said in a statement, “85m’s technology is critical to accelerating the transition to EVs. The company’s charging stations are innovative, user-friendly, and have the potential to revolutionize the EV charging industry. We’re excited to support 85m’s growth and help the company achieve its goal of installing 1 million charging stations globally by 2025.”
In conclusion, 85m’s $700 million funding round is a significant milestone for the company and the EV charging industry. The company’s technology addresses the key barrier to EV adoption and has the potential to revolutionize the EV charging industry. With the new funding, 85m is well-positioned to expand its charging network and accelerate the adoption of EVs. This is an exciting development for the transition to a more sustainable future and the fight against climate change.