EV Charging Company Plugzio Gets Seed Round

Plugzio, a company focused on electric vehicle (EV) charging at multifamily properties, announced that it had closed a seed funding round led by RET Ventures. The company did not disclose the amount raised.

“This investment in Plugzio is the culmination of RET’s comprehensive evaluation of the EV charging space,” the press release stated. “In December 2021, RET launched a working group including over a dozen multifamily experts to explore EV charging technologies for multifamily properties. The group determined a focus on Level 1 (L1) charging with Level 2 (L2) support was the most suitable pathway to wide EV adoption for the multifamily industry, based on convenience, reliability, and affordability for both landlords and residents.”

L1 charging refers to a charging system that uses 120-volt common household electrical supplies and anywhere from 12 to 16 amps, a common range of circuit in homes. It’s the lowest, slowest, but also cheapest level of charging, providing 3 to 5 miles of driving range per house of charging time.

L2 is the next level up. It uses 240 volts, like the connection for a dryer or electrical stove. With 12 to 80 amps of current, the typical charging time is 10 to 20 miles of driving range per hour.

Then there is L3, which requires 480 volts with upwards of 125 amps, or a power level much stronger than what a home or apartment building is going to have. A vehicle can charge to 80% of its battery capacity in 20 to 30 minutes.

Choosing an L1 approach means a practical assumption that users will plug a vehicle in overnight.

“With Plugzio, residents can take advantage of off-peak rates with a guaranteed overnight charge in their dedicated spot, all while they sleep,” the release quoted RET vice president Jameson Hartman as saying. “If they need more power, Plugzio can provide L2 options or integrate with L2 chargers already at multifamily properties.”

As electric vehicles are more broadly in use, however, it could be that tenants will want faster charging options. That would have an impact on the strategies that multifamily investors and operators use. Choosing a location to invest in might take into account the number of faster chargers nearby.

Mohammad Akhlaghi, founder and CEO of Plugzio, said,: “In today’s world, landlords must look at EV charging less as a luxury offering and more as a baseline amenity that residents will increasingly come to expect. Despite the development of more high-powered chargers, studies have shown that using an affordable L1/1B charger overnight is more than adequate for end-users and is more convenient and cost-friendly.”