What they do
Founded in 2019, ChargeNet Stations is a cleantech company headquartered in San Diego, CA. ChargeNet Stations implements the construction of solar-powered batteries and storage for electric vehicles (EV) at quick-service restaurants, transforming their parking lots into profit centers for the franchisees by lowering operating costs by 20–30% each month.
ChargeNet Stations has an exclusive agreement to integrate their EV solution at 140 Taco Bell locations in the Bay Area and Southern California. Construction began on their first project in South San Francisco in October 2021.
“Quick serve restaurants are logical places for our EV charging stations. They’re located in neighborhoods, on highways and roadways everywhere,” said ChargeNet Stations COO Venus Jenkins. “These businesses want to ‘go green’ because they know it’s good for our planet, and for business.”
Installing charging stations at highly accessible locations like quick-service restaurants not only helps solve range anxiety for EV drivers (and offers access to bathrooms and food), the charging revenue can also benefit the lower- and middle-income communities in which the restaurant locations are often found.
ChargeNet estimates each successful EV charger installation saves more than 100,000 gallons of gasoline.
Why we invested
ChargeNet Stations is a startup without sufficient history to access traditional debt capital, making it hard for them to access debt capital.
Our investment helps create more accessible EV chargers, building the infrastructure necessary for more people to see EVs as an attractive transportation option.
The plan is to use this first project as a proof of concept to then be able to replicate it across California, including San Diego.
ChargeNet Stations is passionate about helping create a diverse talent pipeline, including sourcing interns from BIPOC communities and addressing gender and racial pay gaps.