Invisible Urban Charging EV equity campaign gets $762,051 so far

New Zealand-based clean tech company Invisible Urban Charging has surpassed its minimum $500,000 fundraising target to help expand its US EV charging infrastructure venture.

Its business model for charging as a service focused initially on the US market and specifically parking operators with the company signing a master agreement in the US in 2020 which covers exclusive installation of EV chargers for the next 10 years across 122,290 carparks and 15 large clients.

The company’s mission is to accelerate the transition to electric transport by providing “simple and beautiful” charging infrastructure. Revenue is generated from monthly recurring hardware lease costs, maintenance, and transaction fees.

Started in Auckland, Invisible Urban co-founders Nigel Broomhall and Jake Bezzant say the COVID-19 global pandemic has proven New Zealand’s isolation to be an advantage.

“We will develop the company’s IP in NZ and some manufacturing, with the vast bulk of manufacturing undertaken in the markets we sell into,” chief executive Broomhall says.

Chairman Bezzant says New Zealand has a fantastic future in technology.

“While capital raising is always a challenge, we want to foster and enhance the reputation of New Zealand as a global technology hub,” he says.

Broomhall adds; “Once we had lined up our range of products and started design of our hero product, we focused on signing up large clients before we went to the market for a capital raise. “We’ve already started work on signing up a large metropolitan city, which will be critical to future raises. These will be conducted in the US.”

Broomhall is a former executive from the NZ electricity industry, has grown and run a global energy consultancy, led the energy and utilities division of IBM NZ, and for the past four years built and run NZ based EV charging infrastructure businesses.

Bezzant is the former global chief executive of guided parking company Parking Sense and has an extensive network of parking operator contacts.

Eileen Murray is Invisible Urban Charging’s strategic adviser in the US and was a co-chief executive of Bridgewater Associates, one of the world’s largest hedge funds.

Murray chairs the Financial Industry Regulatory Authority (FINRA) and is on the boards of Guardian Life, HSBC and Compass.