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A unit of Kuwait-based Agility, one of the largest logistics companies in the Middle East, has invested $20M in Loop Global — a US developer of hardware and software for electric-vehicle charging stations and networks.
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Loop has sold more than 7,000 charging stations worldwide through resellers and distributors that make up a combined network of over 750 electrical contractors. The business, which operates across America and in more than 15 countries, said it would use the funds from Agility Ventures and other new investors to support its expansion and growth.
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Agility has committed more than $170M to investments in sustainable transportation, energy, and technology.
Why it matters
Globally, there is a move towards the use of EVs that are charged from the electric grid as more consumers choose transport powered by clean energy. EV shipments are expected to rise almost 35% on an annual basis this year as governments introduce regulations and incentives to help the industry's growth, according to Gartner.
