A unit of Kuwait-based Agility, one of the largest logistics companies in the Middle East, has invested in Loop Global — a US developer of hardware and software for electric-vehicle charging stations and networks.
The investment by Agility Ventures, the company's corporate venture capital arm, will be used by Loop to expand further, Agility said in a statement on Tuesday.
On Monday, Loop announced the completion of a $40 million funding round that was co-led by Agility Ventures and Fifth Wall Climate, the largest venture capital firm focused on technology for the global real estate industry. It also raised an additional $20m financing facility to support the company’s rapid growth.
"The net-zero transition is real, and it's already in progress. Governments, businesses and consumers around the world are spending to make greener choices, including on electric vehicles. But to achieve scale, we need to take an ecosystem view,” Henadi Al-Saleh, Agility chairperson and head of Agility Ventures, said.
“It's not any one green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption. That's what we like about Loop — it helps reduce the barriers to cleaner transport for more people."
Globally, there is a move towards the use of EVs that are charged from the electric grid as more consumers choose transport powered by clean energy.
EV shipments are expected to rise almost 35 per cent on an annual basis this year as governments introduce regulations and incentives to help the industry's growth, according to Gartner.
Nearly 6.4 million EV units are expected to be sold this year, 1.6 million more than in 2021, the US research agency said.
California-based Loop, which operates in 50 US states and more than 15 countries, has sold more than 7,000 charging stations worldwide through resellers and distributors that make up a combined network of more than 750 electrical contractors.
The company’s EV-charging solutions are currently being adopted by municipalities and some of the world’s largest commercial, retail and hospitality businesses.
“Loop is streamlining this transition by making next generation EV-charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market,” Dustin Cavanaugh, co-founder and chief executive of Loop, said.
With as many as 230 million EVs expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high.
Agility has committed more than $170m in investments in sustainable transportation, energy and technology.
Its portfolio includes investments in Hyliion, a US innovator in electrified powertrain systems for commercial trucks; Frete, Brazil’s leading freight marketplace; Volta Trucks, a Swedish manufacturer of middle-mile and last-mile electric trucks; Swvl, a Dubai-based provider of mass transit and shared mobility; and TVP Solar, a maker of high-performing, ultra-efficient solar panels based in Switzerland.
