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Lynkwell, an electric vehicle charging platform company that helps businesses and government entities create their own branded charging networks, raised $30 million in a new funding round.
Lynkwell will use the funds to build out its EV charging infrastructure across North America, integrate technology from service partners into its charging networks. It will invest in its domestic supply chain so its clients can access materials and U.S.-made equipment for project development. The company will also scale up its operations and expand support services for existing and new charging network developers.
Lynkwell’s capital raise comes in the form of an institutional equity deal with affiliates of Warren Equity Partners Management, a Jacksonville, Fla., investment firm that specializes in transportation, power, utilities, wastewater, waste management, digital infrastructure, building and facilities sectors.
Lynkwell, which is based in Schenectady, N.Y., and Warren Equity Partners declined to disclose the new investors and their stakes in Lynkwell.
“We believe that the Lynkwell team has built a differentiated, best-in-class portfolio of solutions for the hyper-growth EV charging space,” said Mark Bilali, a managing director at Warren Equity Partners.
Lynkwell provides its customers with charging equipment, a software platform that allows them to set up user payment systems along with helping them raise funds for EV charging projects. It specializes in so-called white labeling, where a product to service produced by one company is marketed or rebranded to make it appear it was made by another business.
“The Warren team recognized that we have tapped into a fundamental need in the industry — the need for a more unified ecosystem enabling seamless deployment and interoperability,” said Lynkwell CEO Schuyler Poukish. “Their track record of investing in the infrastructure services space will be invaluable to our next chapter.”