In 2019, U.S. consumers purchased more than 325,000 electric vehicles, a number that’s steadily risen since 2011 and increases the need for vehicle charging. An investment through Mercy Investment Services’ Environmental Solutions Fund portfolio is leading the way on improving accessibility.
Electric vehicle charging network company Volta Charging currently has 1,700 free charging stations in high-traffic areas in 23 U.S. states. With a recent merger with Tortoise Acquisition Corporation, Volta can expand its impact. Volta recently announced plans to reach more than 3,000 free charging stations by the end of 2021. Advertising on each charging station subsidizes the cost of the electricity and makes it free for vehicle owners. Volta estimates that, over the past 10 years, it’s provided more than 90 million free electric miles, saving more than 40 million pounds of carbon dioxide and 3.5 million gallons of gas.
Mercy Investment Services’ investment in Volta Charging is one of 30 Environmental Solutions Fund investments dedicated to cleantech, water, green buildings, and sustainable agriculture and forestry. Learn more about the fund and the impact of its investments.