DeCharge Raises $2.5M to Tackle EV Charging Infrastructure Gap

For electric vehicle drivers, finding a working charger can still be a challenge, particularly on long highway drives. With an estimated one charger for every 33 EVs, range anxiety remains a significant barrier to wider adoption. Hoping to address this gap, DeCharge has raised $2.5 million in seed funding to build a decentralized EV charging network on Solana.

The seed round was led by Lemniscap, with participation from other institutional and angel investors. DeCharge’s infrastructure will be built on the Solana blockchain, integrating fast, scalable technology into a sector where demand continues to outpace supply. The funding comes amid a 25% year-over-year rise in global EV sales in early 2024.

High-Speed Chargers and Community Hosts

DeCharge is deploying two types of chargers: VoltBox DC fast chargers, delivering up to 150kW for highways and city centers, and DeCharge Beast units, which are community-hosted and suited for everyday use. The company’s permissionless hosting model enables individuals to install chargers and earn revenue from usage, advertising, and related services.

Smart routing and dynamic pricing powered by internal algorithms aim to reduce congestion and cut wait times by roughly 30%, creating a more reliable and efficient charging experience.

Roots in Solana Hackathon and Colosseum Accelerator

DeCharge was a DePIN track winner in the Solana hackathon last year, held by Colosseum, and also participated in Colosseum’s first accelerator batch. 

The venture firm powers Solana’s hackathons, supports winning founders through its accelerator, and invests in early-stage crypto startups via its $60 million fund.

Global Expansion and Tokenized Energy Vision

DeCharge is targeting more than 3,000 locations across the United States, Europe, and the Middle East, as well as select emerging markets. Its use of H3 Spatial Indexing is designed to identify underserved areas, including rural regions where charger availability is often limited.

In the future, DeCharge plans to launch a tokenized energy marketplace, enabling users to trade energy, participate in incentive programs, and support a decentralized, on-chain energy ecosystem.

 

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