Napier-based electric vehicle charging startup Kwetta has closed an oversubscribed $17,500,000 (US$10.5m) Series A funding round.

The company said the milestone will help address one of the biggest bottlenecks in EV adoption – unlocking the electricity grid, especially for applications like heavy transport, fleets and large-scale charging hubs.

Kwetta was founded in 2021 and has rapidly expanded its footprint in New Zealand’s charging infrastructure with 39 high-powered charging outlets, with more on the way.

“At Kwetta, we’re doing our lives’ work—electrifying transport for a more sustainable future,” the company said. “When we started in 2021, our vision was clear: create technology that enables large-scale electrification without the usual roadblocks for customers of high costs and delays.

“Today, the Prime Grid Gateway, our grid-first innovation, is turning that vision into reality by unlocking grid capacity for ultra-fast EV charging without expensive upgrades or batteries. This funding allows us to take that mission global, scaling faster and innovating further.”

The new funding, led by Blackbird Ventures and supported by Virescent Ventures (backed by the Clean Energy Finance Corporation), Icehouse Ventures, and others, will enable Kwetta to expand into new markets like Europe and Australia.

“Heavy transport is electrifying faster than anyone expected, and the demand for solutions like ours is exponentially growing,” the company said.

“Thanks to our team’s hard work and our partners’ confidence, we’re ready to help fleets, trucks, and buses electrify while keeping the grid intact.”